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This report’s cover is a visualisation of the 850 headlines about banking that appeared in Tanzania’s newspapers between January and December 2010. The size of the word represents how often that word appeared in the headlines in 2010.

iiiTanzania Banking Survey 2011

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iv Serengeti Advisers

Serengeti Advisers is a consultancy firm based in Dar es Salaam with expertise in corporate finance, economic and public policy analysis, and media and communications. We seek to be the advisor of choice for wide range of clients, include business, governments, NGOs and development agencies by drawing on our significant local and international experience and networks. We provide advisory services in three main areas:

Economic and Public Policy AnalysisEquipped with over a decade of experience and participation in East Africa’s economic and

public policy debates, Serengeti Advisers is deeply engaged in the region’s policy discourse

and strategising about economic growth, investment climate and private sector development.

Corporate FinanceSerengeti Advisers identifies, structures and executes diverse and innovative transactions for

corporations and other organizations, often working alongside financial institutions. These

transactions include expansions, acquisitions, divestitures, restructurings, and the issuance of

equity or debt capital. Our global relationships, coupled with our unique understanding of local

economies, industries and cultures, serve to help us deliver consistently high quality advice

and service.

Media and CommunicationsSerengeti Advisers’ understanding of the local economic, social and political landscape

has been acquired through years of professional experience across a wide-range of sectors

that include banking, investment and public relations. This unique perspective ensures an

unparalleled service offering in media monitoring, media analysis and communications in the

Tanzanian market.

Serengeti Advisers Limited

vTanzania Banking Survey 2011

Serengeti Advisers Limited (SAL) wishes to acknowledge the contribution of all the various

individuals and organizations who made this publication possible.

We are especially grateful to the bank executives and staff who responded to our requests

for clarification. The excellent research and editorial support from the following colleagues

is gratefully acknowledged: John Bakilana, Salim Ally, Godfrey Lwakatare, Aloyce Msuri,

Paulsen Mrina, Victoria Massawe and Naima Sykes.

We also appreciate the technical brilliance of our website team: Arnold Minde for the motion

chart, Omar Mohammed for content oversight, Eneza Mnzava for strategic advice and Michael

Zaun for overall design and execution.

Finally, we thank the select group of banks who displayed their confidence in this publication

by supporting it through advertising.

While we have made every effort to ensure the accuracy of the facts contained in this report,

we regret any and all errors and omissions.

Aidan EyakuzeDirector

Bertram EyakuzeDirector

Abdu SimbaDirector

Acknowledgments

NjombeTukuyu

KorogweKaliua

Kasulu

Chunya

Nachingwea

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Babati Same

Handeni

Mpwapwa

Kondoa Mkomazi

Manyoni

Kibondo

Geita

Mpui

Ujiji

Mohoro

Utete

Kahama

Sadani

Kibaha

Nzega

Mpanda

Buoen

Tunduma

Songea

SingidaTobora

Kilwa KivinjeMbeya

Kigoma

Sumbawanga

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Shinyanga

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kibondo

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Tunduru

Mahenga

Kilolo

Kilombero

Ifakara

Misenyi

Bukoba

Kayanga

Muleba

ChatoNgara

Geita

Sengerema

Misungwi

Ngudu

Magu

Nansio

Bunda

Musoma

Rorya

Tarime

Mugumu

Loliondo

Longido

Namanga

Tarakea

Hai

ClockTower

NgarenaroMonduli

Mwanga

Karatu

Simanjiro

Same

Lushoto

Mombo

Korogwe Muheza

MadarakaMkwakwani

ChakeChake

PanganiHandeni

Kibaya

Kilindi

Babati

Katesh

KondoaSingida

Manyoni

Kongwa

Mpwapwa

Kilosa

Mvomero

Turiani

Wami Chalinze Kibaha

Kisarawe

Mukuranga

Kibiti

Kilwa

Liwale

Nachingwea Ndanda

Lindi

Mtwara

Tandahimba

Masasi

Nanyumbu Newala

Bagamoyo

DodomaMazengo

Mbulu

NelsonMandelaMawenzi

Rombo

Bariadi

Maswa

Mwadui Mwanhuzi

Igunga

Kiomboi

Nzega

Kahama

Bukombe Manonga

Kenyatta RoadRegional Drive

Biharamulo

Ruangwa

Bahi

Zanzibar

Bank HouseIlala

KariakooMagomeni

Morogoro RoadTemeke

MuhimbiliUniversityMwenge

MbagalaMsasani

Mlimani CiyMbezi

NMB House

Over 139 branches...Over 400 ATMsAnd still counting...

You now have access to banking services from even more NMB branches across Tanzania. Giving you more than 139branch network and over 400 ATMs offering you real time service, everywhere you go in Tanzania.

ixTanzania Banking Survey 2011

1 Introducing the Tanzania Banking Survey Report

3 Part One 5 Overview of Tanzania’s banking sector trends (2006-2010)

7 Part Two 9 Market share overview and ranking 10 Total Assets 11 Deposits 12 Loans 13 Investment in Government Securities 14 Total Revenue for the quarter ending December 31, 2010 15 Net profits for the quarter ending December 31, 2010 16 Provisions for bad and doubtful debts for the quarter ending Dec 31, 2010 17 Shareholders’ Funds (capital) 18 Number of Employees 19 Number of branches

21 Part Three Individual Bank Profiles

Contents

x Serengeti Advisers

1Tanzania Banking Survey 2011

Objectives

This report is motivated by Serengeti Advisers’ desire to provide:• Informationbycompiling,packagingandpresentingthefactsand

figuresonTanzania’sbankingindustryinoneeasilyaccessiblereferencedocument.

• Insightbyidentifying,highlightinganddescribingthetrendsthatemergefromananalysisofthedata,andsuggestnewandinterestinginterpretationsofwhatthesemightmeanforthebankingsector.

• ImaginationbycatalysingcriticalandcreativethinkingabouthowthesetrendscouldshapethefutureoftheTanzania’sbankingindustry.

This report will be of interest and value to, among others:

i Shareholders,directorsandseniorbankingindustryexecutiveswhowanttocomparetheirperformancewiththatoftheircompetitors.

ii Bankandotherfinancialservicesregulatorsasacomplementtotheirownanalysis,

iii Legal,financialandinvestmentprofessionalsaswellasstudentsandresearcherswhoneedtounderstandthestructureanddynamicsofTanzania’sbankingindustry.

iv DomesticandforeigninvestorsinTanzaniawhowanttoknowhowtheirbankersareperformingrelativetoothers.

v Generalpublicwhowanttounderstandtheindustryanddecidewheretokeeptheirsavings.

vi Embassies,diplomaticandtraderepresentativeswhoadviseinvestorsaboutTanzania’sbankingsector.

Structure of the report

Thereportisstructuredintothreemainparts.

PART ONE:ThefirstpartpresentsaconsolidatedpictureofTanzania’sbankingsector,andilluminatesthetrendsinitssizeandperformance.

PART TWO: ThesecondpartranksthebanksacrossthefollowingtenindicatorsofsizeandperformanceasatDecember31,2010:i totalassetsii customerdepositsiii totalloansiv investmentingovernmentsecuritiesv totalrevenuevi netprofitsvii provisionforbadanddoubtfuldebtsviii shareholders’funds(capital)ix numberofemployeesx numberofbankbranches

PART THREE: Thethirdpartpresentstheprofilesandselectedfinancialtrendsforeachofthe41banksthathadreportedfinancialstatementsbyDecember31,2010.Theprofilesincludeinformationonshareholders,directors,seniormanagement.Thisinformationwasgatheredfromthebank’swebsitesandpublishedreportsandwereverifiedforaccuracybycontactingindividualbanksforconfirmationandclarification.Theselectedfinancialtrendsanalysislooksat,

i Incomeandprofittrendsasabasicmeasureofperformance,ii Customerdeposits,loansandtheratioofnon-performing

loanstoshowhowtheheartofthebank’sbusiness–financialintermediationbetweensaversandborrowers–isperforming,andthe

iii Structureofshareholders’fundstohighlightthedepthandqualityofthebanks’capital.

The report online

Finally,thisreporthasanactiveanddynamiclifeonlineat www.serengetiadvisers.comOneofitskeyfeaturesisaninteractivemotionchartthatbringsthedatatolifebyinvitingvisitorstoexploreandcomparetheperformanceofanyindividualbankorgroupofbanksacrosstime.Thewebsiteisupdatedonamonthlybasiswithreportsandanalysisofthemostrecentbankingsectordevelopments,andonaquarterlybasisafterallbankshavepublishedtheirfinancialstatements.

introducing the TanzaniaBanking Survey Report

Since 2006, Serengeti Advisers has been collecting the quarterly financial statements that are published by all regulated banks and non-bank financial institutions as required by the Bank of Tanzania. At the heart of this report is the presentation and analysis of these financial statements over the five-year period between January 2006 and December 2010.

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PART ONEOverview of Tanzania’sbanking sector trends (2006-2010)

4 Serengeti Advisers


Tanzania’sbanking sector

trends

Tanzania’s banking sector has grown significantly between

January 2006 and December 2010, starting with the number

of reporting banks increasing from 33 to 41.

The banking sector’s total assets have expanded 2.8 times

from TZS 5.5 trillion to TZS 15.3 trillion. Deposits also grew

2.8 times from TZS 4.4 trillion to TZS 12.4 trillion. Loans

expanded almost 3½ times to 5.9 trillion from TZS 1.7 trillion

while investments in government securities doubled from TZS

1.2 trillion in 2006 to 2.37 trillion in 2010.

The banking sector’s pool of shareholders funds (capital)

tripled from TZS 476 billion to TZS 1.7 trillion. Seven new

entrants injected TZS 43 billion of capital during the period.

Two existing banks, which had not been publishing financial

statements in 2006, accounted for an additional TZS 40 billion

of capital. However collectively, these nine ‘new’ banks

accounted for just 4.8% of the total pool of shareholders funds

by December 2010.

Tanzania’s banking sector - comparing two quartersMarch 31, 2006 December 31, 2010

Indicator TZS (million) USD (million) TZS (million) USD (million) % change

1.Assets 5,517,593 4,507 15,376,742 10,461 179

2.Deposits 4,452,116 3,637 12,476,064 8,488 180

3.Loans 1,758,578 1,436 5,924,008 4,030 237

4.Governmentsecurities 1,257,903 1,027 2,378,963 1,619 89

5.Shareholders’funds 476,502 389 1,708,188 1,162 258

6.TotalRevenue* 119,910 98 328,042 223 174

7.NetProfit* 42,023 34 28,950 20 (31)

8.Baddebtprovision* 3,427 3 51,847 35 1413

9.NumberofEmployees 5,828 11,208 92

10.Numberof(reporting)banks 33 41 24

ExchangerateTZS/USD(WeightedAverageRate) 1,224.25 1,469.85

Source: Serengeti Advisers analysis of bank financial statements. Exchange rate data is from the Bank of Tanzania website (www bot-tz.org). * Figure is for the relevant quarter only

The industry’s quarterly revenues have

grown from TZS 119 billion in Q1 2006 to

TZS 328 billion in Q4 2010.


The selected industry ratios reveal an interesting picture. First,

more deposits are being used to lend to the private sector in

2010 (48%) compared to 2006 (40%). Associated with this is the

decline in the share of deposits used to invest in government

securities from 28% to 19%.

The industry’s capital adequacy - measured as the ratio of

capital to total assets - strengthened from 8.6% in March

2006 to 11.1% in December 2010 and bad debt provision has

remained low at less than 1%.

Selected Industry RatiosMarch 31, 2006 December 31, 2010

Loans/deposits 39.5% 47.5%

Govtsecurities/totaldeposits 28.3% 19.1%

Capital/totalassets(capitaladequacy) 8.6% 11.1%

Baddebtprovision/totalloans 0.2% 0.9%

Netprofit/totalrevenue 35.0% 8.8%

The industry’s profit margins have trended

downwards, suggesting an atmosphere of

increasingly robust competition.

Quarterly net profits have ranged from a low

of TZS 29 billion in Q4 2006 to a peak of TZS

86 billion in Q4 2008, the latter figure being

achieved at a time when the global financial

markets were in very deep trouble.

PART TWO Market share overview and ranking



Marketshare overview

and ranking

As the chart shows, Tanzania’s three largest banks by assets–

FBME Bank, CRDB Bank Plc and National Microfinance Bank

Plc - account for 40% of industry capital, 45% of its loans, 48% of

its assets, half of its employees, 52% of deposits and 54% of its

branches and investments in government securities. The next

seven largest banks only challenge the top three on industry

capital with a 41% share. The remaining 31 banks share less

than 20% of the market across all but one of these indicators,

namely employee numbers where they account for 24% of the

11,208 bank staff.

The market sharerankings are presentedin the following pages


Rank Bank TZS (million) USD Market share

1. FBMEBank 2,970,091 2,020,676,259 19.3%

2. CRDBBankPlc 2,316,885 1,576,273,089 15.1%

3. NationalMicrofinanceBankPlc 2,107,078 1,433,532,673 13.7%

4. NationalBankofCommerce 1,471,220 1,000,932,068 9.6%

5. StandardCharteredBank 1,077,901 733,340,817 7.0%

6. EximBank 691,646 470,555,499 4.5%

7. StanbicBankTanzania 652,565 443,967,071 4.2%

8. CitibankTanzania 551,570 375,255,979 3.6%

9. BarclaysBankTanzania 526,831 358,425,009 3.4%

10. DiamondTrustBankTanzania 269,721 183,502,398 1.8%

11. TanzaniaInvestmentBank 246,248 167,532,741 1.6%

12. CommercialBankofAfrica 237,787 161,776,372 1.5%

13. BankofAfricaTanzania 233,362 158,765,860 1.5%

14. BancABCTanzania 222,195 151,168,487 1.4%

15. KCBBankTanzania 201,313 136,961,595 1.3%

16. BankM 193,174 131,424,295 1.3%

17. AzaniaBank 178,215 121,247,066 1.2%

18. ThePeoples’BankofZanzibar 141,350 96,166,275 0.9%

19. I&MBankTanzania 138,986 94,557,669 0.9%

20. TanzaniaPostalBank 121,594 82,725,448 0.8%

21. DaresSalaamCommunityBank 98,132 66,763,411 0.6%

22. HabibAfricanBank 97,134 66,084,294 0.6%

23. NICBankTanzania 94,142 64,048,712 0.6%

24. BankofBarodaTanzania 91,631 62,340,375 0.6%

25. AkibaCommercialBank 89,438 60,848,386 0.6%

26. InternationalCommercialBank 73,930 50,297,649 0.5%

27. TwigaBancorp 59,552 40,515,699 0.4%

28. BankofIndiaTanzania 39,257 26,708,168 0.3%

29. UnitedBankforAfricaTanzania 38,495 26,189,747 0.3%

30. AccessBankTanzania 29,787 20,265,333 0.2%

31. EcobankTanzania 27,225 18,522,298 0.2%

32. MkomboziCommercialBank 24,980 16,994,931 0.2%

33. TanzaniaWomenBank 16,938 11,523,313 0.1%

34. UchumiCommercialBank 9,856 6,705,446 0.1%

35. MufindiCommunityBank 6,792 4,620,880 0.0%

36. MwangaRuralCommunityBank 6,387 4,345,008 0.0%

37. EfathaBank 6,340 4,313,365 0.0%

38. KilimanjaroCo-operativeBank 6,059 4,122,299 0.0%

39. MbingaCommunityBank 5,253 3,574,079 0.0%

40. KageraFarmersCo-operativeBank 5,175 3,521,053 0.0%

41. TandahimbaCommunityBank 507 345,260 0.0%

Total 15,376,742 10,461,436,380 100.0%

*on December 31, 2010

Total Assets



1. FBMEBank 2,664,090 1,812,491,071 21%

2. CRDBBankPlc 2,014,453 1,370,516,039 16%

3. NationalMicrofinanceBankPlc 1,820,137 1,238,314,794 15%

4. NationalBankofCommerce 1,218,298 828,858,727 10%

5. StandardCharteredBank 818,785 557,053,441 7%

6. EximBank 529,601 360,309,555 4%

7. StanbicBankTanzania 479,556 326,261,863 4%

8. BarclaysBankTanzania 395,511 269,082,559 3%

9. CitibankTanzania 361,895 246,212,199 3%

10. DiamondTrustBankTanzania 220,952 150,322,822 2%

11. BankofAfricaTanzania 202,521 137,783,447 2%

12. KCBBankTanzania 158,282 107,685,818 1%

13. BankM 151,641 103,167,670 1%

14. AzaniaBank 148,894 101,298,772 1%

15. CommercialBankofAfrica 130,623 88,868,252 1%

16. BancABCTanzania 122,828 83,564,990 1%

17. ThePeoples’BankofZanzibar 117,702 80,077,559 1%

18. TanzaniaInvestmentBank 113,225 77,031,670 1%

19. TanzaniaPostalBank 107,797 73,338,776 1%

20. I&MBankTanzania 101,846 69,290,281 1%

21. HabibAfricanBank 84,516 57,499,745 1%

22. AkibaCommercialBank 74,684 50,810,627 1%

23. BankofBarodaTanzania 71,346 48,539,647 1%

24. DaresSalaamCommunityBank 62,827 42,743,511 1%

25. InternationalCommercialBank 59,750 40,650,407 0%

26. NICBankTanzania 55,436 37,715,413 0%

27. TwigaBancorp 48,168 32,770,691 0%

28. BankofIndiaTanzania 23,019 15,660,782 0%

29. UnitedBankforAfricaTanzania 20,589 14,007,552 0%

30. EcobankTanzania 16,589 11,286,186 0%

31. MkomboziCommercialBank 16,420 11,171,208 0%

32. AccessBankTanzania 15,048 10,237,779 0%

33. TanzaniaWomenBank 13,035 8,867,977 0%

34. UchumiCommercialBank 8,777 5,971,358 0%

35. EfathaBank 5,812 3,954,145 0%

36. KilimanjaroCo-operativeBank 5,568 3,788,142 0%

37. MufindiCommunityBank 4,963 3,376,535 0%

38. KageraFarmersCo-operativeBank 3,877 2,637,963 0%

39. MwangaRuralCommunityBank 3,398 2,311,467 0%

40. MbingaCommunityBank 3,143 2,138,633 0%

41. TandahimbaCommunityBank 463 314,658 0%

Total 12,476,064 8,487,984,731 100%


Deposits



1. CRDBBankPlc 1,123,292 764,222,200 19.3%

2. NationalMicrofinanceBankPlc 857,784 583,586,080 12.8%

3. NationalBankofCommerce 711,287 483,918,087 12.8%

4. StandardCharteredBank 464,494 316,014,559 8.4%

5. FBMEBank 442,946 301,354,560 8.0%

6. EximBank 328,872 223,745,280 5.4%




10. BankM 117,759 80,116,338 1.9%



13. AzaniaBank 101,990 69,388,033 1.8%





18. I&MBankTanzania 76,032 51,727,448 1.1%








26. TwigaBancorp 31,110 21,165,425 0.5%







33. UchumiCommercialBank 5,593 3,805,150 0.1%

34. MwangaRuralCommunityBank 3,966 2,698,132 0.1%

35. MufindiCommunityBank 3,640 2,476,443 0.1%

36. KageraFarmersCo-operativeBank 3,011 2,048,590 0.1%


38. EfathaBank 2,425 1,649,828 0.0%

39. MbingaCommunityBank 2,201 1,497,663 0.0%

40. KilimanjaroCo-operativeBank 1,554 1,056,943 0.0%


Total 5,924,008 4,030,348,715 100.0%


Loans




2. CRDBBankPlc 426,829 290,389,496 17.9%



5. EximBank 134,452 91,473,280 5.7%











16. UnitedBankofAfricaTanzania 23,340 15,879,171 1.0%



19. FBMEBank 17,621 11,988,298 0.7%

20. I&MBankTanzania 16,925 11,514,821 0.7%





25. AzaniaBank 7,572 5,151,546 0.3%




29. BankM 2,466 1,677,722 0.1%

30. EfathaBank 561 381,672 0.0%

31. TwigaBancorp 297 202,061 0.0%

32. AccessBankTanzania - - 0.0%

33. KageraFarmersCo-operativeBank - - 0.0%

34. KilimanjaroCo-operativeBank - - 0.0%

35. MbingaCommunityBank - - 0.0%

36. MkomboziCommercialBank - - 0.0%

37. MufindiCommunityBank - - 0.0%

38. MwangaRuralCommunityBank - - 0.0%

39. TandahimbaCommunityBank - - 0.0%

40. TanzaniaWomenBank - - 0.0%

41. UchumiCommercialBank - - 0.0%

Total 2,378,963 1,618,507,569 100.0%


investment inGovernment Securities



1. CRDBBankPlc 54,191 36,868,388 16.5%



4. FBMEBank 37,089 25,233,187 11.3%

5. Barclays 19,121 13,008,810 5.8%

6. EximBank 16,050 10,919,482 4.9%











17. BankM 4,299 2,924,788 1.3%


19. AzaniaBank 3,545 2,411,811 1.1%


21. ThePeoplesBankofZanzibar 2,569 1,747,797 0.8%

22. I&MBankTanzania 2,288 1,556,907 0.7%

23. TwigaBancorp 2,106 1,432,799 0.6%





28. HabibAfricanBank 1,411 959,962 0.4%

29. MwangaRuralCommunityBank 815 554,614 0.2%

30. BankofIndiaTanzania 529 359,901 0.2%

31. TanzaniaWomenBank 494 335,833 0.2%

32. MufindiCommunityBank 389 264,653 0.1%

33. KageraFarmersCo-operativeBank 349 237,337 0.1%

34. UchumiCommercialBank 343 233,357 0.1%

35. MkomboziCommercialBank 342 232,677 0.1%

36. EcobankTanzania 305 207,504 0.1%

37. MbingaCommunityBank 193 131,571 0.1%

38. KilimanjaroCo-operativeBank 181 122,928 0.1%

39. EfathaBank 154 104,773 0.0%


41. UnitedBankforAfricaTanzania (708) (481,682) -0.2%

Total 328,042 223,180,767 100.0%

*for the quarter ending December 31, 2010

Total Revenue




2. CRDBBankPlc 11,063 7,526,618 38.2%

3. FBMEBank 10,915 7,425,928 37.7%

4. EximBank 4,843 3,294,894 16.7%




8. DiamondTrustBankTanzania 1,210 823,213 4.2%

9. DaresSalaamCommunityBank 951 646,692 3.3%

10. InternationalCommercialBank 813 553,118 2.8%

11. BancABCTanzania 652 443,583 2.3%

12. I&MBankTanzania 588 399,986 2.0%

13. NICBankTanzania 346 235,398 1.2%

14. AkibaCommercialBank 291 197,979 1.0%

15. BankofBarodaTanzania 283 192,537 1.0%

16. BankM 261 177,569 0.9%

17. ThePeoples’BankofZanzibar 241 163,962 0.8%

18. TanzaniaInvestmentBank 236 160,561 0.8%

19. CommercialBankofAfrica 211 143,552 0.7%

20. HabibAfricanBank 203 138,109 0.7%

21. TwigaBancorp 197 134,027 0.7%

22. TanzaniaPostalBank 196 133,347 0.7%

23. BankofIndiaTanzania 157 106,814 0.5%

24. BankofAfricaTanzania 148 100,691 0.5%





29. AccessBankTanzania (2) (1,361) 0.0%

30. StanbicBankTanzania (17) (11,566) -0.1%

31. MbingaCommunityBank (21) (14,546) -0.1%

32. KilimanjaroCo-operativeBank (34) (22,950) -0.1%

33. TandahimbaCommunityBank (83) (56,468) -0.3%

34. AzaniaBancorp (105) (71,436) -0.4%

35. EfathaBank (130) (88,444) -0.4%

36. TanzaniaWomenBank (134) (91,020) -0.5%

37. MkomboziCommercialBank (237) (161,241) -0.8%

38. KCBBankTanzania (526) (357,860) -1.8%

39. UnitedBankforAfricaTanzania (2,502) (1,702,215) -8.6%

40. EcobankTanzania (4,141) (2,817,294) -14.3%

41. NationalBankofCommerce (20,053) (13,642,889) -69.3%

Total 28,950 19,695,895 100.0%


Net profits



1. KCBBankTanzania 815 554,478 -1.6%

2. BankofBarodaTanzania 568 386,434 -1.1%

3. BankM 139 94,567 -0.3%

4. TanzaniaWomenBank 132 89,851 -0.3%

5. NationalMicrofinanceBankPlc 86 58,509 -0.2%

6. KageraFarmersCo-operativeBank 78 53,053 -0.2%

7. NICBankTanzania 63 42,862 -0.1%

8. ThePeoples’BankofZanzibar 56 38,099 -0.1%

9. EfathaBank 43 29,255 -0.1%

10. AccessBankTanzania 24 16,328 0.0%

11. EcobankTanzania 20 13,607 0.0%

12. DaresSalaamCommunityBank 10 6,627 0.0%



15. MwangaRuralCommunityBank 1 884 0.0%

16. AzaniaBank - - 0.0%

17. BankofIndiaTanzania - - 0.0%

18. CitibankTanzania - - 0.0%

19. MufindiCommunityBank - - 0.0%

20. StandardCharteredBank - - 0.0%

21. TwigaBancorp - - 0.0%

22. UchumiCommercialBank - - 0.0%

23. UnitedBankforAfricaTanzania - - 0.0%

24. MkomboziCommercialBank (18) (12,246) 0.0%

25. HabibAfricanBank (34) (23,132) 0.1%

26. MbingaCommunityBank (45) (30,513) 0.1%

27. TanzaniaPostalBank (55) (37,419) 0.1%

28. BankofAfrica (83) (56,468) 0.2%

29. TanzaniaInvestmentBank (126) (85,723) 0.2%

30. I&MBankTanzania (262) (178,113) 0.5%

31. AkibaCommercialBank (323) (219,750) 0.6%

32. DiamondTrustBankTanzania (346) (235,398) 0.7%

33. InternationalCommercialBank (401) (272,817) 0.8%

34. CommercialBankofAfrica (452) (307,514) 0.9%

35. EximBank (468) (318,400) 0.9%

36. BarclaysBankTanzania (795) (540,872) 1.5%

37. StanbicBankTanzania (1,225) (833,418) 2.4%

38. BancABC (1,667) (1,134,129) 3.2%

39. CRDBBankPlc (7,745) (5,269,245) 14.9%

40. FBMEBank (8,289) (5,639,351) 16.0%

41. NationalBankofCommerce (31,558) (21,470,218) 60.9%

Total (51,847) (35,273,911) 100%


Provisions for badand doubtful debts


Shareholders’ Funds (capital)


1. CRDBBankPlc 242,282 164,834,507 14.2%


3. FBMEBank 205,343 139,703,371 12.0%





8. EximBank 77,333 52,612,852 4.5%





13. AzaniaBank 21,757 14,802,191 1.3%

14. I&MBankTanzania 20,205 13,746,137 1.2%


16. ThePeoplesBankofZanzibar 18,530 12,606,729 1.1%




20. BankM 15,492 10,539,851 0.9%










30. TwigaBancorp 7,227 4,916,828 0.4%










40. EfathaBank 414 281,661 0.0%

41. MbingaCommunityBank 402 273,191 0.0%

Total 1,708,188 1,137,296,195 100.0%



Rank Bank Number Market share

1. NationalMicrofinanceBankPlc 2,610 23.3%

2. NationalBankofCommerce 1,496 13.3%

3. CRDBBankPlc 1,437 12.8%

4. BarclaysBankTanzania 668 6.0%

5. EximBank 477 4.3%

6. StanbicBankTanzania 402 3.6%

7. TanzaniaPostalBank 392 3.5%

8. AkibaCommercialBank 360 3.2%

9. StandardCharteredBank 337 3.0%

10. FBMEBank 308 2.7%

11. KCBBankTanzania 246 2.2%

12. AccessBankTanzania 210 1.9%

13. DiamondTrustBankTanzania 207 1.8%

14. BankofAfricaTanzania 201 1.8%

15. AzaniaBank 181 1.6%

16. ThePeoples’BankofZanzibar 163 1.5%

17. TanzaniaInvestmentBank 154 1.4%

18. DaresSalaamCommunityBank 132 1.2%

19. BankM 127 1.1%

20. TwigaBancorp 106 0.9%

21. CommercialBankofAfrica 104 0.9%

22. NICBankTanzania 84 0.7%

23. InternationalCommercialBank 83 0.7%

24. HabibAfricanBank 82 0.7%

25. AfricanBankingCorporation 80 0.7%

26. I&MBankTanzania 66 0.6%

27. CitibankTanzania 58 0.5%

28. EcobankTanzania 52 0.5%

29. UnitedBankforAfricaTanzania 49 0.4%

30. TanzaniaWomenBank 45 0.4%

31. MkomboziCommercialBank 37 0.3%

32. MbingaCommunityBank 37 0.3%

33. BankofBarodaTanzania 35 0.3%

34. KilimanjaroCo-operativeBank 30 0.3%

35. MufindiCommunityBank 29 0.3%

36. MwangaRuralCommunityBank 29 0.3%

37. KageraFarmersCo-operativeBank 23 0.2%

38. UchumiCommercialBank 23 0.2%

39. EfathaBank 22 0.2%

40. BankofIndiaTanzania 18 0.2%

41. TandahimbaCommunityBank 8 0.1%

Total 11,208 100.0%


Number of Employees


Rank Bank Number Market share

1. NationalMicrofinanceBankPlc 138 29.4%

2. CRDBBankPlc 60 12.8%

3. NationalBankofCommerce 53 11.3%

4. BarclaysBankTanzania 32 6.8%

5. TanzaniaPostalBank 27 5.8%

6. EximBank 19 4.1%

7. AkibaCommercialBank 14 3.0%

8. BankofAfricaTanzania 14 3.0%

9. KCBBankTanzania 11 2.3%

10. StanbicBankTanzania 11 2.3%

11. DiamondTrustBankTanzania 10 2.1%

12. AzaniaBank 7 1.5%

13. StandardCharteredBank 7 1.5%

14. InternationalCommercialBank 6 1.3%

15. AccessBankTanzania 5 1.1%

16. CommercialBankofAfrica 5 1.1%

17. BankM 4 0.9%

18. DaresSalaamCommunityBank 4 0.9%

19. FBMEBank 4 0.9%

20. ThePeoples’BankofZanzibar 4 0.9%

21. TwigaBancorp 4 0.9%

22. I&MBankTanzania 3 0.6%

23. NICBankTanzania 3 0.6%

24. TanzaniaInvestmentBank 3 0.6%

25. BancABCTanzania 2 0.4%

26. BankofBarodaTanzania 2 0.4%

27. HabibAfricanBank 2 0.4%

28. UnitedBankforAfricaTanzania 2 0.4%

29. BankofIndiaTanzania 1 0.2%

30. CitibankTanzania 1 0.2%

31. EcobankTanzania 1 0.2%

32. EfathaBank 1 0.2%

33. KageraFarmersCooperativeBank 1 0.2%

34. KilimanjaroCooperativeBank 1 0.2%

35. MbingaCommunityBank 1 0.2%

36. MkomboziCommercialBank 1 0.2%

37. MufindiCommunityBank 1 0.2%

38. MwangaCommunityBank 1 0.2%

39. TandahimbaCommunityBank 1 0.2%

40. TanzaniaWomenBank 1 0.2%

41. UchumiCommercialBank 1 0.2%

TOTAL 469 100%


Number of branches

PART THREEindividual Bank Profiles

33 Access Bank Tanzania

35 Akiba Commercial Bank

37 Azania Bank

39 BancABC Tanzania

41 Bank M

43 Bank of Africa Tanzania

45 Bank of Baroda Tanzania

47 Bank of India Tanzania

49 Barclays Bank Tanzania

51 Citibank Tanzania

53 Commercial Bank of Africa

55 CRDB Bank Plc

57 Dar es Salaam Community Bank

59 Diamond Trust Bank Tanzania

61 Ecobank Tanzania

63 Efatha Bank Limited

65 Exim Bank

67 FBME Bank

69 Habib African Bank

71 International Commercial Bank

73 I&M Bank Tanzania

75 Kagera Farmers Co-operative Bank

77 KCB Bank Tanzania

79 Kilimanjaro Co-operative Bank

81 Mbinga Community Bank

83 Mkombozi Commercial Bank

85 Mufindi Community Bank

87 Mwanga Rural Community Bank

89 National Bank of Commerce

91 National Microfinance Bank Plc

93 NIC Bank Tanzania

95 Stanbic Bank Tanzania

97 Standard Chartered Bank Tanzania

99 Tandahimba Community Bank

101 Tanzania Investment Bank

103 Tanzania Postal Bank

105 Tanzania Women Bank

107 The People’s Bank of Zanzibar

109 Twiga Bancorp

111 Uchumi Commercial Bank

113 United Bank For Africa

Tanzania



Azania Bancorp

as of December 31st 2010

Asset Ranking

Share Capital as of 31st December 2010

TZS10.00bn

ABT is a commercial bank with a special focus on microfinance. ABT provides financial services to the many Tanzanians who have not had access to them

Access BankTanzania

30

Incorporated in August 2007 by a group of private and public inves-tors, AccessBank Tanzania Ltd (ABT) is a commercial bank with a special focus on microfinance. ABT

provides financial services to the many Tanzanians who have not had access to them. ABT has designed a set of core prod-ucts, notably Micro and SME loans, cur-rent and savings accounts, term deposits, money transfers and foreign exchange. In three years of operation more than 45,000 accounts have been opened and 15,000 mi-cro and small business loans worth TZS 50 Billion (USD 33.5 Million) have been dis-bursed.

ShareholdersThe largest shareholder, Access Microfi-nance Holding AG, is the holding company of a network of commercially oriented mi-crofinance banks. ABT belongs to the fam-ily of AccessBanks, which in addition to Tanzania comprises microfinance banks in Azerbaijan, Madagascar, Nigeria, Li-beria and Zambia. Other shareholders in-clude the International Finance Corpora-tion (IFC), KfW (the German Development Bank), the African Development Bank and the Belgian Investment Company for De-veloping Countries.

Board of Directors• Dan Balke, Chairperson. Mr. Balke is one

of the Managing Directors of LFS Finan-cial Systems GmbH. He holds a Masters in Economics from Freie Universität Ber-lin and an MBA with specialisation in Fi-

nancial Services from Manchester Busi-ness School, UK

• Mohamed Dahir Alin • Christoph Diehl• Karl-Heinz Fleischhacker• Stéphane Ryelandt

Senior Management• Patrick Schoeneborn, Chief Executive

Officer. Mr. Schoeneborn has been work-ing in the microfinance industry for the past 7 years. Having joined AccessBank Tanzania as Head of Credit and Deputy Chairperson of the Management Team, he took over the CEO post from Mr. Dav-id James in April 2010. Before joining the Bank October in 2008, he was the princi-

Founded August 2007

Chairperson Mr. Dan Balke

Chief Executive Patrick Schoeneborn, Chief Executive Officer

Auditors PricewaterhouseCoopers

No. of Employees 210

No. of Branches 5

No. of ATMs 5; Member of Umoja ATM Network

Web Address www.accessbank.co.tz


pal Investment Officer of ABT’s lead shareholder Access-Holding in Germany, and was closely involved in the es-tablishment and licensing process of ABT and its network banks in Madagascar, Nigeria and Liberia

• Julius Msikela, Chief Financial Officer• Peter Konopka, Credit Manager

Selected Financial TrendsAccessBank Tanzania made losses during the first five quar-ters of operations between Q4 2007 and Q4 2008. A substan-tial jump in profit was recorded in Q1 2009. This was followed by a loss-making Q2 2009 before a gradual rise in profits in the last two quarters of 2009. The profits remained constant during the first two quarters of 2010, but fell into negative ter-ritory in the second half of the year. Interest income has been increasing significantly, especially in 2009. Non-interest in-

come, which has been essentially flat, ticked up by almost 50% between Q3 2010 and Q4 2010 driven by commissions and fees.

Since the start of operations, AccessBank has grown its loan portfolio fairly aggressively, from TZS 268 million in Q4 2007 to TZS 13.9 billion by Q1 2010. This trend, however, flattened after Q1 2010. Deposits have increased from TZS 136 million to over TZS 17 billion. As the loan portfolio has grown, the share of non-performing loans climbed to 3.5% by Q3 2010 before falling to 2.8% in Q4 2010.

Paid-up share capital made up 100% of shareholders funds in Q4 2007. The losses incurred during AccessBank’s first nine quarters reduced paid-up capital to just under 80% by Q4 2009. Profits in Q1 and Q2 2010, driven by growth in interest income have helped stabilize the share of paid-up capital at around 80%, while accumulated losses made up al-most 20% of total capital.



Asset Ranking


25

ACB began operations in August 1997 as an ini-tiative of over 300 Tanzanian entrepreneurs. The group’s vision and mission was to sup-port the emergence of Tanzanian businesses through the provision of financial services at

all levels, by a Tanzanian-owned commercial bank that under-stood Tanzanians and was committed to Tanzania. ACB’s vi-sion is to be the Tanzanian bank of choice in the provision of financial services to micro-, small- and medium-sized enter-prises. To realize this vision, the bank’s mission is to provide appropriate microfinance services in the most efficient and sustainable manner possible while simultaneously embracing the social and environmental interests of all its stakeholders.

ACB’s key target market is the low-income entrepre-neurs and salaried workers of Tanzania. It offers both indi-vidual and solidarity group loan products catering to a broad range of client income levels. The bank also provides other product offerings, including overdraft facilities, corporate loans and savings products.

ShareholdersACCION Investments has complimented the technical assistance with an invest-ment of up to $2.5 million as part of a new capitalization program. The investment represents a 20% stake in the bank. Incofin, FMO, Stichting Hivos-Triodos Fonds and Stichting Triodos-Doen, and Tanzanian in-vestors such as InterConsult Ltd., Parastatal Pensions Fund and almost 70 private Tan-zanian individuals, have invested a total of $2.7 million in the capitalization.

ACCION supports the management of ACB through the provision of key person-nel in the management team, training and short-term consultancies in other key areas to build institutional capacity and expand the bank’s portfolio. These areas include technology, risk management, marketing and human resources management systems.

Board of Directors• Professor Joseph Semboja, Acting Chairperson; Chief Ex-

ecutive Officer, Uongozi Institute• Mr. David M. Mosha, Chairperson, Inter Consult Ltd. • Mr. Patrice Mwaigomole, Associate Accountant/Consult-

ant, Business Care Limited• Mrs. Carina Wangwe, Director of Information Technol-

ogy, Parastatal Pension Fund• Ms. Rita Van den Abbeel, Chief Financial Officer, Incofin c.v.s.o• Mr. Frank Streppel, Deputy Managing Director, Triodos

Investment Management B.V.• John Fischer, Vice President, ACCION Investments• Elizabeth Maro Minde, Managing Director, Kilimanjaro

Women Information Exchange Consultancy• Mr. Enrique Ferraro, Managing Director, ACCION Investments

Senior Management• John Lwande, Managing Director. Mr. Lwande has more

than 19 years of leadership, management skills and prod-uct expertise to the post, having directed operations for microfinance institutions and commercial banks in Tanza-

Founded Founded 1993; Registered August 1997

Chairperson Professor Joseph Semboja

Chief Executive Mr. John Lwande, Managing Director



No. of Branches 14

No. of ATMs 17 ATMs; Member of Umoja ATM Network

Web Address www.acbtz.com

AkibaCommercial

Bank

TZS8.17bn


nia, Zimbabwe, Kenya, Malawi and Zambia• Ms. Juliana Swai, General Manager – Operations• Mr. Anantapur Muralidhar, General Manager – Commerce• Mr. Lefani Yakobe, General Manager – Finance• Mr. Hanshell Mwansa, General Manager – ICT• Mr. Paul Mlay, Chief Internal Auditor• Mr. David Rwiza, Head of Human Resources• Ms. Mary Mbelle, Head of Marketing and Communications• Mr. Abel Tuntufye, Head of Risk and Compliance• Mr. Ayoub Omary, Acting Company Secretary

Selected Financial TrendsWith the exception of Q4 2007, ACB’s quarterly net income has been positive since 2006. Net interest income growth ac-celerated from TZS 2.2 billion in Q4 2009 to reach just under TZS 3.0 billion a year later. Non-interest income tripled from

TZS 0.48 billion to TZS 1.43 billion in 2010.In the past 20 quarters, ACB’s deposits and loans have

shown steady growth. Deposits expanded 2.6 times from TZS 28.4 billion to TZS 74.6 billion, while lending expanded 2.9 times from TZS 16.6 billion to TZS 47.8 billion. Non-per-forming loans have stayed within a 5-10% range during the period from Q3 2006 to Q4 2010.

The structure of ACB’s shareholder funds seems to re-veal a significant amount of investor and regulatory activity on the bank’s capital structure. The amount of paid-up share capi-tal started at TZS 2.79 billion in 2006, increased to a peak of TZS 9.57 billion in Q3 2008, before reducing to TZS 8.1 billion in Q2 2009. The share premium was a significant proportion of ACB’s capital structure in 2006, and between Q1 2008 to Q2 2009. Capital and regulatory reserves have taken on signifi-cant importance in the five quarters from Q3 2009 to Q4 2010.


Azania Bancorp


Azania Bancorp

Asset Ranking


Azania Bank has embarked on branch expansion to widen its footprint in the country and reach to its target market of SMEs, individuals and NGOs

TZS18.90bn

17

Azania Bank Ltd (formally 1st Adili Bancorp Ltd) was established in 1995 when individual Tanzanians to-gether with two social

security funds – National Social Security Fund (NSSF) and Parastatal Pension Fund (PPF) – created the Bank. EADB joined the shareholders in 2000 when the Bank was restructured and reorganized; and on Sep-tember 18, 2000 with a new board and man-agement, Azania Bancorp came into being.

In October 2004 Azania Bank was li-censed by the Bank of Tanzania to operate as a fully-fledged commercial bank with the ability to operate current accounts. Since 2004 Azania Bank has embarked on branch expansion to widen its footprint in the country and reach to its target market of SMEs, individuals and NGOs.

Shareholders• National Social Security Fund (NSSF) – 35%• Parastatal Pension Fund (PPF) – 30%• Local Authorities Pension Fund (LAPF) – 14%• Public Service Pension Fund (PSPF) – 12%• East African Development Bank – 6%• Individual Tanzanians – 3%

Board of Directors• William E. Erio, Chairperson. Mr. Erio

is a lawyer and an Advocate of the High Court of Tanzania. He is the Director General of the PPF

• Ms. Kate D. Bandawe, Vice Chairperson, Representing NSSF

• Mr. Yacuob M. Kidula, Representing NSSF • Mr. Gabriel J. Silayo, Representing PSPF

• Mr. Nathan Mnyawami – Representing PPF• Mr. Andulile J. Mwakalyelye, Represent-

ing EADB• Mr. Eliud Sanga, representing LAPF• Mr. J.D. Minja, Representing Minority

Shareholders• Mr. C.G. Singili, Managing Director

Senior Management• Charles G. Singili, Managing Director• Mr. Singili is a Certified Public Account-

ant (CPA-T)• Mr. R. Senkoro, Director of Finance• Mr. B.K. Haule, Director of HR & Admin-

istration• Ms. Esther Mang’enya, Director of Credit• Mr. D.M. Rugaimukamu, Director of MIS

Founded May 95; Fully licensed commercial bank Oct 04

Chairperson Mr. William E. Erio

Chief Executive Mr. Charles G. Singili, Managing Director

Auditors TAC ASSOCIATES Certified Public Accountants (T)


No. of Branches 7

No. of ATMs Member of Umoja ATM Network

Web Address www.azaniabank.co.tz


• Mr. T.E. Mramba, Director of Banking Operations• Mr. G.N. Dimoso, Director of Legal Services• Mr. G.E. Seiya, Director in MD’s Office

Selected Financial Trends1

Azania Bank’s net interest income has shown fairly steady growth since 2006, while non-interest income has hovered around the TZS 500 million level since Q3 2007. Profitability has remained volatile, with three of the ensuing twelve quar-ters dipping into loss-making territory (Q2 2008, Q3 2009 and Q4 2010). However, in four of the twelve quarters, Aza-nia achieved profits of TZS 500 million and more.

Deposits expanded from TZS 30 billion in Q2 2006 to about TZS 110 billion in Q3 2009, dipped slightly before re-

suming growth to TZS just under 149 billion by Q4 2010. Loan growth tracked deposits until Q4 2009, when the two trends uncoupled, as loan growth flattened for the following four quarters. The share of non-performing loans declined from 5% to 2% by Q3 2008. After that the trend reversed itself to peak at 8% a year later in Q3 2009. It stayed at 2% through most of 2010 before rising to 4% in the final quarter.

The structure of Azania Bank’s shareholders funds is composed overwhelmingly of paid-up share capital. It ac-counted for 80% of the bank’s capital in 2006, and with ad-ditional injection of TZS 10.5 billion between 2009 and 2010 its share increased to almost 90%. The bank’s accumulated losses were eliminated by 2009 after which retained earn-ings and quarterly profits have been mostly positive.

1Financial data for Q1 2006 was not available.


Azania Bancorp


Asset Ranking


BancABCTanzania

BancABC offers tailored banking services to a wide range of customers, from multi-national organizations, to small and medium-sized corporates, parastatals, educational institutions, non-governmental organizations, professional bodies and private individuals seeking investment advice, wealth creation and management services

14

The African Banking Corpo-ration of Tanzania Limited (ABC Tanzania), which was renamed BancABC as of April 2010, commenced operations

in Tanzania in 1996 as an asset financing in-stitution under the joint ownership of CDC Capital Partners (CDC), International Fi-nance Corporation (IFC), Tanzania Devel-opment Finance Company Ltd (TDFL), and the Union Dominions Corporation (UDC). It was granted full commercial banking status by the Bank of Tanzania in 2002.

BancABC offers tailored banking services to a wide range of customers, from multi-national organizations, to small and medium-sized corporates, parastatals, edu-cational institutions, non-governmental organizations, professional bodies and pri-vate individuals seeking investment advice, wealth creation and management services. Product offerings include Treasury Servic-es, Investment Banking, Corporate Banking and Structured Trade Finance.

ShareholdersABC Holdings Limited is registered and listed in Botswana, with a secondary listing on the Zimbabwe Stock Exchange in 2000. The Group’s shareholders include among others Old Mutual Life Assurance of Zimba-bwe, the International Finance Corporation (IFC), Botswana Insurance Fund Managers (BIFM), Botswana Public Officers Pension Fund and Citi Venture Capital Investments - the investment arm of Citibank. In 2004, the Group successfully concluded the ac-quisition of a 68% interest in Tanzania De-

velopment Finance Company Ltd (TDFL) from the existing international shareholders (IFC, CDC, DEG, FMO and EIB). The Gov-ernment of Tanzania has remained a key shareholder (32%) in TDFL.

Board of Directors• Dr. Jonas Kipokola, Chairperson. Dr.

Kipokola is an Economist. He holds a PhD in Economics from Boston University. He is a retired senior civil servant who held various positions in the Government of Tanzania.

• Wilfred Nyachia, Director • Mr. Oliver Chidawu • Mr. Douglas Munatsi • Mr. Israel Chasosa, Managing Director

Founded 1996; Fully licensed commercial bank – 2002

Chairperson Dr. Jonas Kipokola

Chief Executive Mr. Israel Chasosa, Managing Director


No. of Employees 80

No. of Branches 3

No. of ATMs 0

Web Address www.africanbankingcorp.com TZS21.76bn


Senior Management• Mr. Israel Chasosa, Managing Director (Tanzania)• M. Zubery, Country Head of Finance• J. Kimori, Head of Internal Audit

Selected Financial TrendsBanc ABC’s quarterly interest and non-interest income have tracked steadily upwards since 2006. Banc ABC has been profitable on a quarterly basis since Q3 2007 and the first three quarters of 2010 have seen profits increase steadily to TZS 1.2 billion by September 2010, matching the level last reached eleven quarters earlier in Q4 2007. A TZS 1.7 billion provision for bad debts reduced net profits to TZS 652 mil-lion in Q4 2010.

Banc ABC’s deposits and loans have been growing

since 2006. Deposits grew 4½ times from TZS 27 billion to TZS 123 billion. Loans expanded five times from TZS 18 bil-lion to TZS 98 billion in Q4 2008, after which the loan book remained quite flat. The share of non-performing loans de-clined from 14% in Q1 2006 to around 2% in Q1 2009. This positive trend seems to have reversed with the rate returning to just over 12% in Q4 2010.

The structure of the bank’s shareholders funds has evolved significantly from Q1 2006, when retained losses ac-counted for 40% and paid up share capital for just under 60%. By Q4 2010 retained losses were less than 10% and paid-up share capital accounted for about 80% of shareholders funds. Banc ABC shored up its capital base by injecting a total TZS 12.18 billion in new paid-up share capital, increasing it from TZS 9.6 billion in 2006 to TZS 21.8 billion in Q3 2008.


Azania Bancorp


Asset Ranking


The bank offers services in corporate banking with special emphasis on debt and foreign exchange business. It has investment banking capabilities and offers advisory services in debt or equity capital-raising, debt syndication and mergers and acquisitions

TZS12.77bn

16Bank M

Founded February 2007

Chairperson Hon. Nimrod Mkono (MP)

Chief Executive Mr. Sanjeev Kumar, Chief Executive Officer

Auditors Deloitte & Touche


No. of Branches 4

No. of ATMs 0

Web Address www.bankm.co.tz

Bank M Tanzania Limited (Bank M) is a fully-fledged commercial bank regulated by the Bank of Tanzania. The Bank was issued a license to

undertake banking business in the United Republic of Tanzania by the Bank of Tanza-nia in February 2007 and opened its doors for business in July 2007. Bank M is a fo-cused corporate and investment Bank, tar-geting Tanzania’s mid-market companies engaged in manufacturing and trading. The bank offers services in corporate banking with special emphasis on debt and foreign exchange business. It has investment bank-ing capabilities and offers advisory services in debt or equity capital-raising, debt syndi-cation and mergers and acquisitions.

ShareholdersBank M’s investors are three business groups based in Tanzania, with wide ranging trad-ing, manufacturing and real estate business interests in the East African region. PRIDE, the largest microfinance institution in East Africa, is also a shareholder of the bank.

Board of Directors• Hon. Nimrod Mkono (MP), Chairperson.

Hon. Mkono is the founding partner of Mkono & Co., a prominent law firm in the country. He is the Member of Parliament for Musoma Rural

• Iddi Simba. Mr. Simba is Chairperson of PRIDE Tanzania

• Fidahussein Rashid. Mr. Rashid is Chair-person of the Africarriers Group

• Vimal Mehta. Mr. Mehta is Chairperson

of the Negus Group of Companies.• Sean Patrick Breslin. Mr. Breslin is the

founder director of Gissings Limited• Ramesh Patel. Mr. Patel is Chairperson of

the Automech Group of Companies

Management• Sanjeev Kumar, Chief Executive Of-

ficer. Mr. Kumar is a career banker, with more than 25 years of work experience in South Asia, United Kingdom and Africa with State Bank of India (SBI), BNP Pari-bas, Strategic Capital Corporation and Diamond Trust Bank

• Ganpath Pillai, Chief Operating Officer• Yahaya Mbanka, Financial Controller• Ravikumar Devareddy, Chief Risk Officer


• Abdul Bandawe, Head of IT• Waseem Arain, Head of Corporate Banking• Jacqueline Woiso, Head of Transaction Banking• Godfrey Utouh, Head of Internal Audit• Sammy Lwendo, Acting Treasurer• Johnson Mshana, Communications Director• Ambrose Nshala, Head of Corporate Affairs

Selected Financial TrendsBank M’s income has been trending upwards from the out-set. Net interest income has increased from less than TZS 150 million to over 2.5 billion in three years. Non-interest income has tracked the same growth pattern – from TZS 75 million to TZS 1.9 billion in Q3 2010, before dropping slightly to TZS 1.7 billion in Q4 2010. After net losses during the first six quarters of operation, Bank M’s net profit has remained in

positive territory from Q1 2009 to reach about TZS 1.5 billion in Q3 2010. It dropped to TZS 261 million in Q4 2010 due to a TZS 1.34 billion income tax provision.

Bank M started with just TZS 8.9 billion in deposits but this has grown to TZS 152 billion by Q4 2010. Loans have also grown steadily from TZS 1.4 billion to TZS 118 billion during the same period. After being reported at a flat rate of 0.0%, the rate of non-performing loans increased in 2010 to reach 5% in Q3 2010, before dropping to 3% in Q4 2010.

Bank M’s early losses ate into the paid-up share capi-tal to the point where it represented less than 80% of capital for all of 2008. The balance of more than 20% was in accu-mulated losses. Since Q1 2008, TZS 8.251 billion in new share capital has been injected by shareholders. Accumulated loss-es have declined as quarterly profits grew and increased the total volume of shareholders funds.


Azania Bancorp


Asset Ranking


TZS15.25bn

13Bank of Africa

Tanzania

Founded September 1995 as Eurafrican Bank, acquired in 2007 by Bank of Africa Group

Chairperson Ambassador Fulgence Kazaura

Chief Executive Mr. Kobena Andah, Managing Director



No. of Branches 14

No. of ATMs 16; Member of the Umoja Switch Consortium

Web Address www.boatanzania.com

Bank of Africa (Tanzania) began operations in Tanzania in June 2007 after acquiring Euraf-rican Bank which had been operating in Tan-zania since September 1995. The customer base ranges from multinational companies, govern-

ment institutions, non-governmental organizations, small businesses and individuals. It offers a range of corporate and retail banking products and services through a network of 14 branches in Dar es Salaam, Mwanza, Arusha, Moshi, Mo-rogoro, Mbeya and Tunduma.

Shareholders• Bank of Africa Group – 34.15%• Belgian Investment Company for Developing Countries – 22.07%• AUREOS East Africa Fund LLC (AEAF) – 18.59%• Tanzania Development Finance Company Ltd (TDFL) – 11.00%• AFH-Ocean Indien – 6.42%• Netherlands Development Finance Corporation (FMO) – 2.56%• Others – 5.21%

The bank’s major shareholder - Bank of Africa Group - is a Pan-African private bank founded in Mali in 1982. It has about 250 operating and support offices in 13 countries employing more 3,000 peo-ple. The Bank of Africa Group operates in twelve other African countries.

Board of Directors• Ambassador Fulgence Kazaura, Chair-

person. Ambassador Kazaura holds a Bachelors degree in Economics and a Masters of Arts from St. Johns College, Cambridge University in the United Kingdom. He is currently the Chancellor of the University of Dar es Salaam.

• Paul Derreumaux, Chairperson, Bank of Africa Group. Mr. Derreumaux, a French national, holds a Masters degree in Eco-nomics. Mr. Derreumaux is the found-ing member of the Bank of Africa Group, which started as BOA – Mali in 1982.

• Mr. Emmanuel Ole Naiko, Director• Mr. Vincent De Brouwer • Mr. Shakir Merali • Mr. Peter Lock • Mr. Henri Laloux

Senior Management• Kobena Andah, Managing Director is a member of Insti-

tute of Chartered Accountants Ghana. He holds an MBA in Banking from University of Wales and a second one from Manchester Business School

• Eric Tenie Ouattara, Deputy General Manager – Risk Management

• Wasia Mushi, Deputy General Manager - Commercial Banking • Mbajo Pius Mchomvu, Assistant General Manager - Inter-

national & Institutional Banking • Mussa Mwachaga (CPA-T) – Acting Financial Controller• Patrick Malewo, Assistant General Manager (AGM) - Le-

gal, Compliance & Recovery• Willington Munyaga, AGM - ICT• Jeromin Kimario, AGM - Retail Banking


• Rose Mbonea, AGM - Audit & Investigation• Mercy Msuya, AGM - Human Resources & Administration • Mariaconsolata Wapalila, AGM – Operations

Selected Financial TrendsProfits at Bank of Africa (T) have been positive since 2006, except in Q4 2008 when it dipped into loss-making territory. Since then, profits have recovered to reach TZS 855 million in Q3 2010, only to drop to TZS 148 million in Q4 2010. The drop in profits was the result of a drop in non-interest in-come, coupled by an increase in non-interest expenses. Prof-itability has been driven by the steady growth in quarterly interest and non-interest income.

The bank’s deposits have increased almost five times from TZS 42 billion in Q1 2006 to TZS 203 billion by Q4 2010. Loans have grown even faster, by over six times from TZS

15.4 billion to TZS 103 billion during the same period. The ra-tio of non-performing loans has been brought under control, falling from around 16% in Q1 2006 to 2.6% in Q4 2010, de-spite a reversal between Q3 2008 and Q1 2009.

Prior to 2006, the bank had accumulated significant retained losses of TZS 3.3 billion, which accounted for over 20% of shareholders funds. The trend shows a consistent re-duction in these accumulated losses to the point where by Q1 2010, they were no longer a feature of the capital structure. To achieve this, in addition to the bank’s profitability, share-holders have come in with fresh injections of capital. The bank’s paid up share capital increased by more than TZS 8.77 billion during this period (from TZS 6.47 billion to TZS 15.25 billion) by converting TZS 4.428 billion from share premium into share capital, injecting TZS 3.263 billion in new share capital and an additional TZS 1.08 billion in other funds.


Azania Bancorp


Azania Bancorp

Asset Ranking


Bank of Baroda (BoB) is the third largest public sector bank in India, after the State Bank of India and the Punjab National Bank. BoB has a network of over 3000 branches and offices, and about 1,100 ATMs

TZS10.00bn

24Bank of Baroda

Tanzania

Bank of Baroda (BoB) is the third largest public sector bank in India, after the State Bank of India and the Pun-jab National Bank. BoB has a

network of over 3000 branches and offices, and about 1,100 ATMs. In 1956, Bank of Bar-oda opened a branch in Dar es Salaam. Over the next several years, the Bank’s presence grew to three branches. However, in 1967, the Tanzanian government nationalized the bank’s three branches and transferred their operations to the government-owned National Bank of Commerce. In 2004, Bank of Baroda returned to Tanzania and it cur-rently operates branches in Dar es Salaam and Arusha.

Shareholders• Bank of Baroda (India) – 100%

Board of Directors• Mr. Rajiv K. Bakshi, Chairperson• Mr. Umaknat K. S. Bijapur• Mr. Anil K. Gaindhar• Mr. Krishan N. Manvi• Mr. Rajenda K. Garg• Mr. Piyush Nag• Mr. Matthew L. Luhanga• Mr. N.R. Badrinarayanan

Senior Management• Deba Prasad Gayan, Managing Director• Mr. Anil Gaindhar, Chief Manager• Mr. Tuntufye L. Mwaiteleke, Finance

Manager• Ms. Enna V. Mwakipesile, Internal

Auditor

Selected Financial TrendsIn the 20 quarters, Bank of Baroda’s net in-terest income and non-interest income have shown a fairly unsettled pattern since Q1 2006. Net interest income increased from TZS 377 million in Q1 2006, peaked at over TZS 1.0 billion in Q4 2007, declined to the lowest point of TZS 346 million in Q2 2010 before rebounding to the best recorded per-formance of just under TZS 1.2 billion in Q4 2010. Quarterly non-interest income stayed in the TZS 200-400 million range while profits fluctuated quite widely, ranging from a loss of TZS 256 million in Q3 2007 to a profit of over TZS 1.0 billion in Q2 2010.

Bank of Baroda’s deposits grew strongly from TZS 21.5 billion in Q1 2006, to

Founded 1956 then nationalized; Reopened branch 2004

Chairperson Mr. Rajiv K. Bakshi

Chief Executive Deba Prasad Gayan, Managing Director

Auditors Baker Tilly DGP and Company

No. of Employees 35

No. of Branches 2

No. of ATMs 2

Web Address www.bankofbaroda.com


TZS 71.3 billion by Q4 2010. Loan expansion has been equally robust, increasing three-fold from TZS 9.8 billion to over TZS 36 billion. The ratio of non-performing loans shows a sharp increase to over 12% from 0% within four quarters from Q3 2006 to Q3 2007. Since then it has declined to 3% by Q4 2010.

The structure of BoB’s shareholders funds shows a

bank that is posting profits and growing the share of retained earnings in the capital structure, while that of the paid-up share capital declines from 90% in Q1 2006 to just over 50% by Q4 2010. Shareholders have injected capital just once - in Q2 2006 - which raised the paid up capital from TZS 6.5 bil-lion to TZS 10 billion.


Azania Bancorp


Azania Bancorp

Asset Ranking


In 2008, BoI established a subsidiary in Dar es Salaam, marking its return to Tanzania after 37 years

TZS10.00bn

28Bank of India

Tanzania

Bank of India (BoI) opened a branch in Tanganyika in 1955. In 1967, the Government of Tanzania nationalized BoI’s operations and folded them

into the government-owned National Bank of Commerce. In 2008, BoI established a subsidiary in Dar es Salaam, marking its re-turn to Tanzania after 37 years.

The parent company is the Bank of India (BoI), which was established on 7 Sep-tember 1906. It was nationalized in 1969 and is one of India’s leading banks, with over 3,400 branches including 29 branches out-side India. It is headquartered in Mumbai.

Shareholders• Bank of India Mumbai (India) – 100%

Board of Directors• Mr. B.A. Prabhakar, Chairperson• Mr. Hashim M. Kihwelo• Mr. Suresh Gajjar• Mr. Kothanandraman Swaminathan• Mr. M.B. Dhodia• Mr. Ramesh Kadam

Management• Ramesh Kadam, Chief Executive Officer• G.V. Sridharan, Chief Manager• H.N. Ayoh, Internal Auditor. Mr. Ayoh is a

Certified Public Accountant (CPA-T)

Selected Financial TrendsBank of India’s net interest income has been on a steady positive trend since Q2 2008 and reached almost TZS 400 million by Q2 2010. Non-interest income has stayed within the

TZS 100–200 million range since 2009. After posting positive profits in Q1 2008, losses were experienced by Q3 and Q4 2008, and then again in Q4 2009. 2010 was a con-sistently profitable year.

Deposits have been steadily grow-ing since 2008, surpassing the TZS 20 bil-lion level in Q3, 2010. Loans increased from TZS 2.26 billion in Q3 2008 peaked at al-most TZS 15 billion in Q1 2010. Lending scaled back to TZS 12.5 billion by Q3 2010, before ending up at TZS 14.7 billion in Q4 2010. BoI’s non-performing loans ratio has stayed below 0.2% during the entire re-porting period.

In 2008, about 96% of BoI’s share-holders fund was made up of paid-up share

Founded Incorporated July 16, 2007

Chairperson Mr. B.A. Prabhakar

Chief Executive Mr. Ramesh Kadam, Chief Executive Officer

Auditors Baker Tilly DGP and Company

No. of Employees 18

No. of Branches 1

No. of ATMs 0

Web Address www.bankofindia.com


capital of TZS 6.5 billion. In 2009, TZS 3.5 billion of share capital was injected and TZS 210 million was capitalized as retained earnings. The profit performance for the first three quarters of that year are reflected in the declining propor-

tion of paid up capital in shareholders funds. In Q1 2010, a further TZS 232 million in profits was capitalized as retained earnings and by Q4, profits made up almost 9% of the bank’s shareholders funds.


Azania Bancorp


Asset Ranking


TZS53.27bn

Barclays Bank Tanzania, part of the global Barclays Group, offers retail banking and corporate banking, merchant cards, small and medium term financing, wealth management products and services.

09Barclays Bank

Tanzania

Since the business was estab-lished more than 300 years ago, Barclays has grown to of-fer a range of products and services through more than

144,000 employees in over 50 countries. Barclays Bank Tanzania, part of the global Barclays Group, offers retail banking and corporate banking, merchant cards, small and medium term financing, wealth man-agement products and services.

Barclays first entered the Tanza-nia market in 1925 and continued to oper-ate until 1967 when its operations in the country were nationalized and folded into the National Bank of Commerce. The bank re-entered Tanzania in 2000 after the lib-eralization of the economy. Barclays Bank Tanzania serves more than 114,300 custom-ers and clients across the country through a network of 53 ATM’s and 32 branches.

Shareholders• Barclays Bank Plc – 100%

Board of Directors• Dr. Ramadhani Dau, Chairperson. He is

also the Director General of the National Social Security Fund (NSSF).

• Christopher Kihara Maina, Managing Director

• Samuel Abwoga, Executive Director (Chief Financial Officer)

• Aazar Khwaja, Non- executive Director • Murtaza Nasser, Non-executive Director• Simon Mponji, Non-executive Director• Elizabeth Willilo, Company Secretary

Senior Management• Christopher Kihara Maina, Managing

Director. Mr. Maina has an MBA from the University of Chicago and is a mem-ber of the Tanzania Bankers Association and the Financial Markets Association of Kenya (ACI Kenya)

• Ajay Mathur, Chief Operating Officer• Samuel Abwoga, Chief Finance Officer• Aziz Chacha, Country Treasurer• Zahid Mustafa, Director of Consumer

Banking• David Lubira, Commercial Director• Paul Russo, Head of Human Resource• Kati Kerenge, Head of Corporate Affairs• Kenneth Kamurasi, Country Head of In-

ternal Audit

Founded 2000

Chairperson Dr. Ramadhani Dau

Chief Executive Mr. Kihara Maina, Managing Director



No. of Branches 32

No. of ATMs 53

Web Address www.barclays.com


Selected Financial IndicatorsBarclays’ quarterly net interest income grew strongly to Q4 2008, after which growth slowed to a plateau of about TZS 7.0 billion per quarter through 2010. Non-interest income was ro-bust, until it posted a TZS 929 million loss in Q3 2008, push-ing overall profitability into deep negative territory that quar-ter. Profits rebounded in the next two quarters, after which the trend turned negative until Q3 2010. In Q4 2010, a healthy profit of TZS 2.97 billion was achieved, helped by a 136% in-crease in non-interest income.

Barclays’ deposits grew steadily from TZS 194 billion in Q1 2006 to peak at TZS 414 billion in Q4 2008. After dip-ping between Q4 2008 and Q4 2009, deposit growth resumed

to reach TZS 396 billion in Q4 2010. Loan growth trended closely with deposits but it has flattened out in the eight quarters since Q1 2009. Following a sharp increase in early 2006, Barclays’ non-performing loans ratio declined from 15% in Q3 2006 to 5% by Q3 2008. This trend reversed itself from Q4 2008 and has risen to over 20% by Q4 2010.

The share of paid up share capital in Barclays’ capital structure has been increasing, signaling significant injec-tions of shareholder support during the past twenty quarters to offset the quarterly losses. Paid-up share capital increased from TZS 18.75 billion to TZS 53.2 billion, a change of TZS 34.5 billion. Its share of the capital structure expanded from under 60% to just under 80% during the same period.


Azania Bancorp


Azania Bancorp

Asset Ranking


Citigroup is a leading global financial services company. It has approximately 200 million customer accounts and does business in more than 140 countries

TZS9.66bn

08Citibank Tanzania

Citigroup is a leading global financial services company. It has approximately 200 million customer accounts and does business in more

than 140 countries. Citibank Tanzania was formally opened on May 8, 1995 as a fully owned subsidiary of Citibank NA. It is a full commercial service bank with a well-defined emphasis on providing facilities and services to the public and private sector cor-porations, airlines, embassies pension funds and non-governmental organisations. Since its establishment, Citibank Tanzania has been an important participant in the devel-opment of Tanzania’s financial market.

It acted as the Lead Advisor for the Initial Public Offering for the first company to be listed on the Dar es Salaam Stock Ex-change and was the first bank to issue com-mercial paper, forward sale and purchase of foreign exchange in the market.

Shareholders• Citibank NA – 100%

Board of Directors• Ade Ayeyemi. Mr. Ayeyemi is Citibank’s

Regional Head for East Africa• Kellen Kariuki. Ms. Kariuki is Citibank’s

Senior Vice President for Middle East and Africa

• Wilson Chola• Victor Onyango • Kennedy Mubita

Senior Management• Jamal Ali Hussein, Managing Director.

Mr. Hussein is an international banker who holds an MBA from Harvard Uni-versity

• Gasper Njuu, Head of Corporate Banking • Iddi Msonga, Director of Finance• Agipinus Tax, Chief Internal Auditor

Selected Financial TrendsCitibank’s profitability has remained high but fairly volatile, ranging between TZS 2.3 billion and TZS 8.4 billion per quar-ter since 2006. In Q2 2008, something in-teresting happened. In a complete switch

Founded May 1995

Chairperson

Chief Executive Mr. Jamal Ali Hussein, Managing Director

Auditors KPMG

No. of Employees 58

No. of Branches 1

No. of ATMs 0

Web Address www.citibank.com


from the previous nine quarters, Citibank started earning more from non-interest income than from interest income, and the gap between the two has widened since then. Profits, which had previously been loosely determined by interest income, are now driven by non-interest income.

Citibank’s deposits seemed to follow a cyclical pat-tern, fluctuating between TZS 200-250 billion and TZS 350 billion. The highest point was in Q2 2010 when the deposits reached TZS 388 Billion. Lending grew between 2006 and Q2 2009 to reach a peak of TZS 157 billion in Q2 2009. The loan

book has shrunk since then to TZS 96 billion. Citibank has reported no non-performing loans in its books since 2006.

Citibank’s shareholder funds are founded on the bank’s strong profitability. Retained earnings and quar-terly profits accounted for just under 80% of the sharehold-ers funds. This share has grown to 92% by Q4 2010. The amount of paid-up share capital has remained unchanged at TZS 9.66 billion throughout the period. Citibank has paid almost TZS 15.8 billion in cash dividends to its shareholder in Q1 2007 and Q1 2008.



Asset Ranking


TZS11.98bn

CommercialBank of Africa

12

Commercial Bank of Africa Limited (CBA) is the largest privately owned Kenyan bank. CBA was founded in 1962 in Dar-es-Salaam, Tanzania and quickly established branches in Nairobi and Mombasa in Kenya, and also in

Kampala, Uganda. With the nationalization of banks in Tan-zania, CBA reincorporated itself in Kenya in 1967. In light of developments in Uganda in 1971 it sold the Kampala branch.

CBA originally commenced business as a subsidiary of Societe Financiere pour les pays D`Outre Mer (SFOM), a Swiss-based consortium bank with interests in financial in-stitutions throughout Africa. Original consortium members included Bank of America, Commerz Bank (later on sold to Dresdner Bank), Bank Bruxelles Lambert, and Banque Nation-al de Paris. In 1980, Bank of America acquired all the shares of the other SFOM partners, and CBA became a subsidiary of Bank of America, with 16% of shares held by Kenyan investors.

Between 1980 and 1984, Bank of America reorganized CBA, developing and installing its global systems and processes. Bank of America eventually sold the remainder of its shares - and CBA is now wholly Kenyan-owned. CBA (Tanzania), formerly United Bank of Africa, was incorporated in Tanzania in 2002.

ShareholdersCBA (T) is a subsidiary of CBA (Kenya), which owns 100% of the bank.

Board of Directors• Ndewirwa N. Kitomari, Chairperson.

Mr. Kitomari was the Deputy Governor of the Bank of Tanzania in the 1990s, af-ter which he served as a senior official for several years in the African Develop-ment Bank

• Peter Kisumo. Mr. Kisumo is a veteran

politician in Tanzania, a former Cabinet Minister and has served many boards, including that of Tanzania Harbours Authority in the 1970s and 1980s

• Isaac O. Awuondo• Muhoho Kenyatta• Stuart Armitage

Management• Yohane Kaduma, Chief Executive Officer. Mr. Kaduma

joined CBA from NBC Bank, where he was the Head of Corporate Banking. He has worked in different capacities for Stanbic Bank Tanzania, Citibank Tanzania and Stand-ard Chartered Bank Tanzania

• Julius Mcharo, Head of Treasury• Ernest Mtokoma, Head of Finance• Frank Nyabundege, Head of Corporate & Institutional

Banking• Gilbert Bonaventure, Head of Risk Management

Founded 2002 (then United Bank of Africa)

Chairperson Mr. Ndewirwa N. Kitomari

Chief Executive Mr. Yohane Kaduma, Chief Executive Officer



No. of Branches 5

No. of ATMs Member of the Umoja Switch

Web Address www.cba.co.tz


• Collins Rutenge, Head of Operations and Service Delivery• Crispin Kweka, Head of Internal Audit• Zainab Mushi, Head of Human Resource• Nurdin Semnangwa, Head of Projects• Aron Luhanga, Head of Marketing • Benedict Hamisi, Head of Credit Risk • Hyasinta Mwimanzi, Head of Personal Banking

Selected Financial TrendsCBA (T)’s interest and non-interest income have shown steady growth, with some volatility evident in non-interest income from 2008. The bank made losses in 2006, but since then profits have been positive, with significant growth

spurts noticeable in the last quarters of 2007 and 2008. CBA (T)’s deposits have grown more than 12-fold from

TZS 10.4 Billion in Q1 2006 to TZS 130.6 billion by Q4 2010. Loans have increased more than tenfold from TZS 7.3 Billion respectively in 2006 to TZS 80 billion in Q4 2010. At the same time, the bank has significantly reduced the rate of non-per-forming loans from over 15% in Q4 2006 to 8% in Q4 2010.

CBA (T) has been reducing a significant level of accu-mulated losses, which accounted for almost 40% of share-holders funds in 2006 and 2007. The bank’s capital structure was shored up entirely by a TZS 8.2 billion capital injection by shareholders in Q1 and Q3 2009. Profitability in the first four quarters of 2010 have strengthened the capital base.


Azania Bancorp


Asset Ranking


TZS54.40bn

02CRDB Bank Plc

CRDB Bank Plc is a private commercial bank in Tanzania. It was established in 1996. It has been profitable every year since its founda-tion. CRDB offers a range of corporate, retail, business, treasury, premier, wholesale and mi-

crofinance services through a network of 60 branches, over 100 ATMs, 17 depository ATMs, five mobile branches, almost 700 post terminals, 400 microfinance partners, as well inter-net and mobile phone banking. It was listed on the Dar es Sa-laam Stock Exchange on June 17, 2009.

Shareholders• DANIDA Investment Fund –21.5%• Parastatal Pension Fund –10.0%• IPP Limited –5.4%• Public Services Pension Fund (PSPF) – 3.3%• LAPF – 1.7%• Western Tobacco Coop. Union – 1.7%• Hans Macha – 1.3%• CMG Investment Limited – 1.2%• SHIRECU – 1.2%• EPACK Investment Fund – 1.1%• Lindi Development Fund – 1.0%• Kagera Cooperative Union (1990) Ltd. – 1.0%• Others (less than 1%) – 49.7%

Board of Directors• Martin Mmari, Chairperson. Mr. Mmari

is a Director of Finance at the Parastatal Pension Fund, one of the bank’s major shareholders. He is a Certified Public Ac-countant (CPA-T) and holds an MBA in International Banking and Finance

• Dr. Sylvia Temu • Joyce Luhanga• Lydia Joachim• Joseph Machange• Kai Kristoffersen

• Bede Lyimo• Boniface Muhegi • Ally Laay• Joyce Nyanza• Juma Abdulrahman

Senior Management• Charles Kimei, Managing Director. Dr. Kimei is an econ-

omist. He obtained his doctorate in Money and Finance from Uppsala University in Sweden

• Jens Ole Pedersen, Deputy Managing Director• Tully Mwambapa, Director of Marketing and Research • Anderson Mlabwa, Director of Credit • J. Rugambo, Director of Secretariat (Company Secretary)• Izengo Soka, Director of Internal Audit • Mr. Soka is a Certified Public Accountant (CPA-T)

Founded 1996

Chairperson Mr. Martin J. Mmari

Chief Executive Dr. Charles Kimei, Managing Director



No. of Branches 61

No. of ATMs 131

Web Address www.crdbbank.com


Selected Financial Indicators CRDB’s quarterly net interest income has grown from TZS 12 billion to over TZS 35 billion between Q1 2006 and Q4 2010. Non-interest income has grown from TZS 5.5 billion to over TZS 18 billion during the same time. The bank’s net interest income levels are sufficient to cover all of CRDB’s expenses and income tax obligations - the volume of the bank’s quar-terly non-interest income and its net profits were an almost perfect match between Q1 2006 and Q1 2009.

CRDB’s deposits expanded threefold from TZS 652 bil-lion to over TZS 2.0 trillion between Q1 2006 and Q4 2010. The bank’s lending has grown even faster than the deposits, increasing by more than 4½ times from TZS 241 billion to over TZS 1.1 trillion. With the growth of lending, non-per-forming loans have also trended upwards, despite some peri-odic improvements. In Q1 2006, bad loans accounted for only

5.4% of total advances, but by Q4 2010 that rate had increased to 11% of the total lending book.

The structure of CRDB’s capital is founded on the bank’s strong historical and contemporary profitability. Paid-up share capital accounts for about 20% of total shareholder funds, while the balance is made up significant quarterly profits which are then converted to retained earnings in the first quarter of the following year. CRDB’s paid-up share capital doubled from TZS 12.3 billion to TZS 24.73 billion in Q3 2007 by converting TZS 12.366 billion of retained earnings into share capital. It was in-creased again to TZS 53.75 billion in Q1 2009, this time by con-verting TZS 29 billion of the profit from 2008 into paid-up share capital. Most of the TZS 23 billion raised in the 2009 public of-fering seems to have bought fixed assets. CRDB has paid more than TZS 13.5 billion in cash dividends since 2006, TZS 10.5 bil-lion of which was paid since Q3 2009.


Azania Bancorp


Asset Ranking


TZS8.09bn

21Dar es Salaam

Community Bank

The Dar es Salaam Community Bank Limited (DCB) is a private microfinance bank dedicat-ed to uplifting the living standards of low-in-come residents in Dar es Salaam. The bank was initially granted a banking license on October

16, 2001, to carry out the banking business as a regional fi-nancial institution. This license was upgraded to a full bank-ing license on June 12, 2003. It opened its doors to the public on April 15, 2002. DCB started with one branch at the head office at Mnazi Mmoja in Ilala, but has since expanded with three more branches at Tabata within Ilala District, at Mago-meni in Kinondoni, and at Temeke District.

In June 2008, DCB completed an Initial Public Offer-ing. TZS 5.2 billion was raised, representing an oversubscrip-tion of 247% over the targeted subscription of TZS 1.5 billion. As a result and in consideration of the bank’s capital needs, the Board of Directors, after consultation with major share-holders, accepted the full amount collected in the Initial Pub-lic Offer. DCB Limited was listed on the Dar es Salaam Stock Exchange on September 16, 2008.

Shareholders• Dar es Salaam City Council – 8.9%• Kinondoni Municipal Council – 8.1%• Ilala Municipal Council – 8.3%• Temeke Municipal Council – 7.4%• Unit Trust of Tanzania – 9.0%• Private individuals and companies –

58.3%

Board of Directors• Ambassador Paul Milyango Rupia, Chair-

person. Ambassador Rupia is a retired Civil Servant. He has held different posi-tions in the Government of Tanzania, in-cluding the Chief Secretary in the Office of the President. He holds a Masters De-

gree in Public Administration from New York University.• Professor Lucian Ambrose Msambichaka• Samuel John Ezekiel• Bakari Kingobi • Zedekia Ntulu • Makinya Migetto• Sophia Mjasiri Emesu• Mr. Richard T. Mfugale • Leonard Kitoka Chacha

Senior Management• Edmund P. Mkwawa, Managing Director. Mr. Mkwawa

has been DCB’s Managing Director since its establish-ment in 2000. He holds a Masters Degree in Community Economic Development from Southern New Hampshire University (USA), a Certificate in Banking from the Insti-tute of Bankers, London (UK) and a Certificate in Micro-finance from the Economic Institute of Colorado in the

Founded October 2001

Chairperson Ambassador Paul Milyango Rupia

Chief Executive Mr. Edmund P. Mkwawa, Managing Director

Auditors Ernst & Young


No. of Branches 4


Web Address www.dcb.co.tz

Dar es Salaam Community Bank PLC


USA. He is a member of the Tanzania Institute of Bankers.• Consolata Lalika, Chief Finance Manager• Gray M. Ndandika, Chief Operations Manager• Nathan D. L. Nyabenda, Finance Manager• Peter Tarimo, Risk Manager• Caroline M. Mduma, Corporation Secretary

Selected Financial TrendsApart from a small loss in Q3 2006, DCB’s net income has been positive and growing steadily to reach a peak of TZS 951 million in Q4 2010. Profits have been driven by robust growth in quarterly net interest income, which increased from TZS 406 million in Q1 2006 to over TZS 2.6 billion by Q4 2010. Quarterly non-interest income was flat at around TZS 150 million, before increasing significantly in 2009 and 2010 to an average of TZS 410 million.

DCB’s deposits have grown fourfold from TZS 15 bil-lion in Q1 2006 to TZS 63 billion by Q4 2010. Lending vol-umes matched deposit growth by also expanding fourfold from TZS 13 billion to TZS 56 billion during the same period. As loans grew, the rate of non-performing also increased. The rate increased to its highest point of 6% in Q4 of 2009 from its lowest of 1.7% in Q2 of 2006.

DCB’s capital structure has been mostly founded on paid-up share capital. Even between Q3 2006 and Q2 2007, when its contribution dropped sharply from almost 80% to under 40%, this was due to TZS 1.4 billion being injected as an advance towards share capital. Added to this was the TZS 5.2 billion raised in the IPO in 2008 to bring DCB’s share cap-ital to its current level of TZS 8.1 billion. The bank’s quarterly profitability and growing retained earnings continue to ex-pand their share of the capital structure.


Azania Bancorp


Asset Ranking


TZS1.55bn

10Diamond TrustBank Tanzania

The bank was incorporated in 1946 as the Dia-mond Jubilee Investment Trust (DJIT) to com-memorate the Diamond Jubilee of the ascen-sion to the Imamat by the late Aga Khan III. Its head office was in Dar es Salaam (Tanzania)

with branches in Mombasa, Kampala, Nairobi and Kisumu. DJIT’s shares were subscribed by the Ismaili Community as well as the Aga Khan. It operated as a community-based finance house, canvassing savings and extending credit to members of the Ismaili community. In 1965, DJIT was split into three companies, DJIT Tanzania, DJIT Uganda and DJIT Kenya, with offices in Dar es Salaam, Kampala and Nairobi respectively.

In 1990, DJIT changed its name to Diamond Trust Bank of Tanzania (DTT), transforming from a communi-ty based finance house to a non-bank financial institution (NBFI), serving the wider Tanzanian public. In 1997, it was licensed as a full commercial bank and changed its name to Diamond Trust Bank Tanzania Limited.

Shareholders• Diamond Trust Bank Kenya Limited – 55%• Agakhan Fund for Economic Develop-

ment (AKFED) – 22.3%• Others – 23.3%

Board of Directors• Mr. Abdul Samji, Chairperson. Mr. Samji

is a Rotarian and a Certified Public Ac-countant and Management Consultant by profession, and a former Managing Partner of PKF Kenya, a firm of Certified Public Accountants. He was appointed to the DTB Kenya Board in 1997 and DTB Tanzania in 2010. He is a B.Com (Hons.) graduate, Fellow of the Association of Chartered Certified Accountants, and a member of the Institute of Certified Pub-lic Accountants of Kenya. He is also a di-

rector of the Kenya Tourist Board• Nasim Devji• Hassan Dhalla• Mehboob Champsi• Fayaz Bhojani

Senior Management• Viju Cherian, Chief Executive Office & Country Manager.

Mr. Cherian joined DTB Tanzania in September 2008. Pri-or to joining DTBT, he was Managing Director of a bank in Kenya and treasurer of a commercial organization in New York. He held management positions with one of the larger banks in India for almost three decades. Mr. Cherian holds a Bachelor of Laws Degree (LL.B) and a Bachelor of Arts (Economics) degree from the University of Bangalore. He was also trained in commercial banking at Bank of New York and is a Certified Associate of the Indian Institute of Bankers (CAIIB)

• Rita Akena, Head of Legal

Founded 1990 (as a non-banking financial institution) and 1997 (as a commercial bank)

Chairperson Mr. Abdul Samji

Chief Executive Mr. Viju Cherian (CEO & Country Manager)

Auditors RSM Ashvir


No. of Branches 12

No. of ATMs 12

Web Address www.dtbafrica.com


• Rajan Kollatt, Head of Risk• Muthusamy Venkatramani, Head of Treasury & Interna-

tional Banking• Joseph Mabusi, Head of Finance & Administration• Robert Masala, Head of Human Resources• Stella Masha, Head of ICT• Thomas Otieno, Head of Compliance• Pramodh Menon, Head of Retail Banking• Sosthenes Biseko, Head of Internal Audit

Selected Financial TrendsDTB Tanzania’s net interest and non-interest income have grown steadily since 2006, with some acceleration evident during most of 2010. Quarterly profits have also been positive throughout the period. In 2010 profits grew from TZS 934 mil-lion in Q1 to over TZS 1.5 billion by Q3 2010, before dropping

slightly to TZS 1.2 billion in Q4 2010 as a result of a drop in non-interest income between the third and fourth quarters of 2010.

DTB Tanzania’s deposit base has expanded almost five-fold from TZS 47.7 billion to TZS 221 billion by Q4 2010. The bank’s loan book has followed the same path, also grow-ing five-fold from TZS 32.6 billion to TZS 148 billion. As lend-ing has grown, the ratio of non-perfoming loans has been managed downwards from 3.3% in 2006 to 0.6% in Q4 2010.

DTB Tanzania’s capital structure is dominated by a large volume of retained earnings and quarterly profits. It is also noteworthy in that paid-up share capital has remained at TZS 1.551 billion during the entire period, although the share premium provided since Q2 2007 boosted capital to between TZS 6.3 billion and TZS 7.0 billion. DTB Tanzania paid cash dividends six times between Q4 2006 and Q4 2010, worth a total of TZS 1.1 billion.


Azania Bancorp


Asset Ranking


31

Ecobank is targeting business clients with its expertise in regional trade, cards and payment products in Tanzania and in the region

TZS12.82bn

Ecobank Tanzania

Ecobank Tanzania Limited opened its doors in Janu-ary 2010. It is a subsidiary of Ecobank Transnational Incorporated (ETI), a pub-

lic limited liability bank holding company. Headquartered in Lome, Togo ETI has op-erations in 29 African countries including all five countries of the East African Com-munity.

In Tanzania, the bank is targeting business clients with its expertise in re-gional trade, cards and payment products in Tanzania and in the region. It offers a wide range of retail and commercial banking products, including foreign exchange and capital markets.

Shareholders• Ecobank Transnational Incorporated

(ETI) – 19,999,999 shares• Robert Kwami – 1 Share

ETI’s largest shareholder is ECOWAS Fund for Cooperation, Compensation and Devel-opment (ECOWAS Fund), which is the De-velopment Finance arm of ECOWAS.

Board of Directors• Mrs. Rukia D. Shamte, Chairperson • Mrs. Mary T. Munisi • Mr. Albert K. Essien• Mr. Robert T. Kwami, Executive Director• Mr. Peter Machunde

Senior Management• James Cantamantu-Koomson, Chief Ex-

ecutive Officer

• Isaack Chahe, Financial Controller • Baraka Thomas, Head of Internal Audit• Ms. Doxa Mbapila, Head of Legal

Selected Financial TrendsAs a new entrant in Tanzania’s banking in-dustry, Ecobank (T)’s net income for the first four quarters of 2010 were negative as operating expenses exceeded income. While quarterly non-interest income grew robust-ly from TZS 90 million to TZS 930 million during the first three quarters, it dropped to TZS 166 million in the last quarter of the year. A 73% increase in the bank’s non-inter-est expenses in Q4 2010 contributed to its recording a quarterly loss of TZS 4.1 billion.

Ecobank (T) more than tripled its de-posit base from TZS 5.2 billion in Q1 2010 to

Founded Incorporated 5 February 2009, operations started in January 2010

Chairperson Mrs. Rukia D. Shamte

Chief Executive Mr. James Cantamantu-Koomson, Chief Executive Officer


No. of Employees 52

No. of Branches 2

No. of ATMs None

Web Address www.ecobank.com


TZS 16.6 billion by Q4 2010. The bank’s loan book expanded 33-fold from TZS 208 million to about TZS 6.9 billion. No non-performing loans have been reported.

Ecobank (T)’s paid-up share capital accounts for the lion’s share of the bank’s capital. The early quarterly losses have eroded the share capital, prompting an injection of TZS 2.975 billion in capital in Q3 2010.


Azania Bancorp


Asset Ranking


Efatha BankLimited

TZS1.45bn

37

Efatha Bank Limited was of-ficially opened on August 17, 2009. It has been licensed to operate as a community bank in Dar es Salaam, but plans to

expand across Tanzania within five years. Efatha Bank aims to empower Tanzanians by offering customized financial solutions to small and medium enterprises that have demonstrated strong growth potential.

Shareholders• Efatha Ministry – 16.4%• Efatha Foundation Ltd – 6.7%• Individual shareholders (29) – 76.9%

Efatha Ministry is an independent spiritual, interdenominational NGO found-ed by Apostle and Prophet Josephat Mwin-gira in 1995. The Ministry has centers in all the regions of Tanzania. Efatha Foundation Limited is the economic wing of the Efatha Ministry. It is a limited liability company incorporated under the Companies Act. Its shareholders are Efatha Ministry and more than 1,800 individual church members.

Board of Directors• Thabitha Ijumba Siwale, Chairperson.

Mrs. Siwale is a former Cabinet Minister and Member of Parliament. She is CEO of Women Advancement Trust (WAT), an NGO which promotes effective participa-tion of low-income women in economic development. She is also a board mem-ber of the National Investment Company (NICO) and Chairperson of the Ardhi University Council. She is a graduate of

Home Economics from the University of Nairobi

• Julian Machange – Vice Chairperson. Mr. Machange is a zoologist and currently lectures at the College of African Wildlife Management, Mweka.

• Finnie Amen Urasa• Martha Mulumba• Beatha Obed Swai• Devangwa Kivaria Mmari• Nicholaus Obednego

Senior Management• Gothalm C.K. Mbele, Managing Director.

Mr. Mbele is a former Director of Finance with Azania Bank Limited for nine years. He also worked with the Bank of Tanza-nia as a bank examiner for six years. He

Founded August 12, 2009

Chairperson Mrs. Thabitha Ijumba Siwale

Chief Executive Mr. Gothalm C.K Mbele, Managing Director

Auditors Mhasibu Consultants

No. of Employees 22

No. of Branches 1


Web Address www.efathabnk.co.tz

Efatha Bank aims to empower Tanzanians by offering customized financial solutions to small and medium enterprises that have demonstrated strong growth potential


is a Certified Public Accountant (CPA) and a professional banker (holding an Associateship Banking Diploma from the Tanzania Institute of Bankers). He also holds an MBA from the University of Dar Es Salaam

• Justine S. Makero, Director of Finance and Administration• Mary M. Msimbira, Director of Operations• Chemo Mutani, Internal Auditor

Selected Financial TrendsSince it started operations, Efatha’s net interest and non-interest income levels have increased from TZS 24 million in Q4 2009 to TZS 154 million by Q4 2010. But these income

levels have yet to cover the bank’s expenses. The result has been five quarters of steadily declining losses.

Efatha’s deposits have increased five-fold from TZS 1.15 billion to TZS 5.8 billion in five quarters. Its lend-ing has grown twenty three times, from TZS 104 mil-lion to TZS 2.4 billion. Non-performing loans, which had not been reported in the first four quarters of operations, stood at 7% in Q4 2010.

Paid-up share capital accounts for the majority of Ephata’s capital structure. The erosion of this capital through early losses has begun to be addressed by shareholder sup-port worth TZS 209 million in Q3 2010.


Azania Bancorp


Asset Ranking


Exim Bank also offers international credit card services through MasterCard and is an agent of the international money transfer service, Moneygram. It owns a subsidiary in Comoros and plans to establish more in Zambia and Djibouti

TZS12.90bn

06Exim Bank

Exim Bank (Tanzania) Lim-ited is a locally established, privately owned, commercial bank. The bank started opera-tions in August 1997 and has

enjoyed steady growth in profits, assets and deposits.

It offers a range of deposit, credit and financial services to clients including busi-nesses, parastatals, financial institutions, public sector companies, NGOs, govern-ment departments, SACCOS and others. Exim Bank also offers international credit card services through MasterCard and is an agent of the international money transfer service, Moneygram. It owns a subsidiary in Comoros and plans to establish more in Zambia and Djibouti.

ShareholdersThe bank is owned by private individuals and corporate entities. Key shareholders are Yogesh Manek, Hanif Jaffer and Shaf-fin Jamal, who own 20% each. Other share-holders have a 40% stake in the Exim Bank.

Board of Directors• Yogesh Manek. Mr. Manek is the founder

Chairperson of Mac Group Limited and Alliance Insurance. He is also the Chair-person of Kinondoni Community Fund and Trauma Centre Limited.

• Hanif Jaffer• Shaffin Jamal• Pascal L. Kamuzora.• Ambassador Juma Mwapachu• Thom Wescott

Senior Management• Dinesh Arora, General Manager. Mr. Arora

joined Exim in December 2007 after work-ing with India’s leading public sector banks for 26 years. He holds a B Com. degree from Delhi University, a Post-Graduate Diploma in Financial Advising and has been award-ed with CISA & CIA certifications.

• Ganesh Kumar Iyer Sankara, Assistant General Manager

• Sreekumar Vamadevan, Assistant Gener-al Manager, North Region (Mt Meru)

• Neralla Rao, Assistant General Manager, Dar es Salaam Region (Exim Tower)

• Eugen Massawe, Senior Operations Manager• Jacquline Kweka, Senior Branch Manag-

er, Clock Tower• Rose Kanijo, Sr. Branch Manager, Hill Park• Bimal Gondalia, Sr. Branch Manager, Arusha

Founded August 1997

Chairperson Mr. Yogesh Manek

Chief Executive Mr Dinesh Arora, General Manager



No. of Branches 21

No. of ATMs 45

Web Address www.eximbank-tz.com


Loans, deposits (TZS million) and non-performing loans (%)

Selected Financial TrendsExim Bank’s quarterly net interest income has grown from TZS 3.1 billion to over TZS 10 billion since Q1 2006. Non-interest in-come increased from TZS 1.2 billion to just under TZS 6 billion during the same period. There was a major spike in non-interest income in Q4 2009 of TZS 7.6 billion, which exceeded that quar-ters interest income of TZS 5.7 billion. Exim Bank’s quarterly profit performance has also been strong, trending around the TZS 2.3 billion level between Q1 2006 and Q4 2008. In 2009 and 2010, net profits have averaged TZS 3.4 billion per quarter (ex-cluding the major income spike in Q4 2009)

Exim Bank’s deposits have grown 2.7 times from TZS 195 billion to TZS 530 billion. Lending volumes more than tripled during the same period from TZS 96 billion to TZS

329 billion. The rate of non-performing loans has remained relatively, averaging around 4.3% between Q1 2008 and Q4 2010, after an increase from the 3.5% ratio that was recorded in Q4 2007.

A large volume of retained earnings and strong quar-terly profits are making up a growing share of Exim Bank’s shareholders funds. A total of TZS 7.55 billion in retained earnings and quarterly profits in Q1 2006 represented about 55% of shareholders funds. By Q4 2010, they had increased to TZS 52.4 billion, representing almost 70% of shareholders funds. The paid-up share capital has remained at TZS 12.9 billion but its contibution to the bank’s capital declined from 60% in Q2 2006 to less than 20% by Q4 2010. A total of TZS 7.6 billion has been paid out in cash dividends since 2006.


Azania Bancorp


Asset Ranking


TZS46.00bn

The bank offers a wide range of deposit and credit services to its personal and corporate clients, FBME debit and prepaid card services, money transfer and an online banking service called FBME Direct

01FBME Bank

Federal Bank of Lebanon SAL, former parent company of FBME Bank Limited was es-tablished in Lebanon in 1953. As a result of political insta-

bility in Lebanon, FBME was established in Cyprus in 1982 as a subsidiary of Federal Bank of Lebanon SAL. In 1986, the bank changed its country of incorporation to the Cayman Islands. The Cyprus operations (offshore) became a branch of the Cayman Islands entity. In 2008, the bank ended its banking presence in the Cayman Islands and established itself as a legal entity in Tanzania. As a result of this move, the Cy-prus operations became a branch of FBME Tanzania. The bank has a wholly owned subsidiary FBME Card Services based in Cyprus.

The bank offers a wide range of de-posit and credit services to its personal and corporate clients, FBME debit and prepaid card services, money transfer and an online banking service called FBME Direct.

ShareholdersThe bank is privately owned. Details of its shareholders were not immediately available.

Board of Directors• Ayoub Farid Michel Saab, Chairman. Mr.

Saab is also the Chairman of the FBME Group

• Gunnar Ljungdahl• Dominic G.S. Dreyfus• Alemu T. Abbera• Michael N. Rowihab

Senior Management• John N. B. Lister, General Manager• Nassor Rajab Dachi, Head of Operations • Abron R.N Mahenge, Head of Finance• Albert Ngusaru, Head of Treasury• Lucie Qorro, Head of Human Resources• Marwa Moherai, Head of Credit

Selected Financial TrendsFBME’s quarterly net interest income has grown from TZS 4.6 billion to TZS 19 bil-lion, while non-interest income expanded from TZS 4.3 billion to TZS 18 billion by Q4 2010. The bank’s net profits have tracked this trend, except in the last quarters of 2007 and 2009 when losses were reported. In 2007, the loss was due to a TZS 8.59 bil-lion provision for bad debts and a TZS 1.8

Founded 1982 Globally; 2003 in Tanzania

Chairperson Ayoub Farid Michel Saab

Chief Executive John N.B. Lister, General Manager

Auditors Tanna Sreekumar & Company


No. of Branches 4 in Tanzania

No. of ATMs 5

Web Address www.fbme.com


billion income tax provision. In 2009, the loss was caused by a large TZS 13.8 billion bad debt provision, and another TZS 1.3 billion income tax provision.

FBME’s deposits have expanded almost three times from just under TZS 900 billion in Q1 2006 to TZS 2.7 trillion by Q4 2010. Lending has increased almost two times, from TZS 232 billion to TZS 443 billion in the same period. The rate of non-performing loans rose dramatically from 3% in

Q3 2006 to 27% in Q2 2007. It has since declined but remains within the 15-22% range.

FBME’s shareholders funds are increasingly domi-nated by the bank’s large volume of quarterly profits and retained earnings. The bank’s paid-up share capital has re-mained at TZS 46 billion throughout the period, while re-tained earnings have grown from TZS 8.3 billion to over TZS 78 billion. FBME has not paid any cash dividends.


Azania Bancorp


Asset Ranking


Habib Bank opened its doors in Tanzania in 1998. Its main clients are corporate and private businesses. Based in Dar es Salaam, the bank offers various banking and financial services focusing on businesses involved in international banking

TZS2.60bn

Habib AfricanBank

22

Habib Bank Limited is a family-owned bank which started as a merchant bank in Pakistan in 1941. It grew to 875 branches in Pakistan

and 44 globally (including 20 in the United Kingdom) by the time bank nationaliza-tion took place in Pakistan in 1974. It rees-tablished itself in Switzerland, the UK and Pakistan in the 1980s. Habib Bank opened its doors in Tanzania in 1998. Its main cli-ents are corporate and private businesses. Based in Dar es Salaam, the bank offers various banking and financial services fo-cusing on businesses involved in interna-tional banking.

Shareholders• Mr. Habib Mohamed D. Habib – 20%• Mr. Wolfgang E. Seegar – 20%• Mr. Bruno Fellinger – 20%• Mr. V.A. Bukhari – 20%• Mr. S.M. Hayder – 20%

Board of Directors• Habib Mohamed D. Habib, Chairperson.

Mr. Habib (H.M.D.) is the grandson of Habib Esmail, founder of the Habib fam-ily. In 1954, Mr. Habib joined Habib Bank Limited in Karachi, Pakistan, and later held a position there as Joint President. After nationalisation, he moved to Swit-zerland in 1975 where he acquired the po-sition of General Manager and Joint Pres-ident at Habib Bank AG Zurich. In 1984, Mr. Habib moved to London and founded Habibsons Trust and Finance Limited, now known as Habibsons Bank Limited,

where he is Chairperson. He is also the Chairperson of Habib Overseas Bank in South Africa and Habib African Bank in Tanzania

• Zain Habib, Vice Chairperson. The sec-ond son of H.M.D. Habib, Mr. Zain Ha-bib holds a business degree from Bentley College, USA. He started his banking career with Union Bank of Switzerland, Zurich in 1990 and joined Habibsons Bank in 1993

• Asghar D. Habib• Asger N. Bharwani, Director

Senior Management• S.S Hasan Rizvi, Managing Director. Mr.

Rizvi, a Kenyan, joined Habib African Bank in June 2008 and has over 40 years

Founded 1998 (in Tanzania)

Chairperson Mr. Habib Mohamed D. Habib

Chief Executive Mr. S.S. Hassan Rizvi, Chief Executive Officer


No. of Employees 82

No. of Branches 2

No. of ATMs 0

Web Address www.habibsons.co.uk


of experience in banking, holding key positions in local and international banks

• Mukhtar Sibtain, Chief Manager• Sajjad H. Baluch, Branch Manager• George E. Msimbazi, Finance Manager• Hassan Twaha Ally, Internal Auditor

Selected Financial TrendsHabib African Bank’s quarterly net interest income has grown steadily since Q1 2006 from TZS 445 million to peak at TZS 803 million in Q2 2010. However, non-interest income seems to be driving the bank’s profit performance, particu-larly since Q3 2008, as both trends follow an almost identical trajectory.

Habib African Bank’s deposits expanded three-fold

from about TZS 30 billion in 2006 to almost TZS 90 billion in 2010, with acceleration in deposit growth evident since Q4 2009. Lending has also increased by almost the same magni-tude as deposit growth, rising from TZS 11.5 billion to TZS 32.8 billion. The rate of non-performing loans dropped to al-most 0% in Q3 2007 from 1.3% in Q1 2006. It increased sharp-ly to 5.7% in Q1 2009, declined for the following four quarters before trending back upwards to reach 5.2% in Q3 2010, be-fore dropping again to 3.4% in Q4 2010.

Habib African Bank’s shareholders funds are made up of retained earnings and quarterly profits as a result of which the contribution of paid-up share capital is declining. Share capital was increased by TZS 975 million to TZS 2.6 billion in Q4 2006, by converting a portion of retained earnings. Share-holders enjoyed a cash dividend of TZS 1.47 billion in Q4 2009.


Azania Bancorp


Asset Ranking


The bank’s largest shareholder (57.68%) is the ICB Financial Group Holdings AG, a holding company for several banks operating in Africa, Europe and Asia

TZS11.79bn

26International

Commercial Bank

International Bank of Malaysia (T) Limited changed its name to Inter-national Commercial Bank Limited in 2004. By December 31, 2010 ICB had 6 branches, all located in Dar es

Salaam. The bank offers deposit, credit and international banking services, targeting in-ternational business people and housing fi-nancing for urban residents.

Key ShareholderThe bank’s largest shareholder (57.68%) is the ICB Financial Group Holdings AG, a holding company for several banks operat-ing in Africa, Europe and Asia. While the group is incorporated in Switzerland, its management arm, ICB Global Management that is located in Kuala Lumpur, Malaysia provides support services to the ICB Bank-ing Group. Currently, the group operates banks in 14 countries. ICB Financial Group Holdings AG was listed on the AIM market of the London Stock Exchange in May 2007. The balance of the shares are held by four individuals, each with a 10.58% stake.

Board of Directors• Josephine Premla Sivaretnam, Chair. Ms.

Sivaretnam is a substantial shareholder of ICB Financial Group Holdings through Panhelligan Investments Limited. A law-yer by profession, she was responsible for the early establishment of the ICB Banks in Europe and Africa, and for acquisitions made by the Group. She graduated with a LLB (Hons) from University of Malaya and an LLM from the London School of Economics and Political Science

• Charles Rwechungura• B.S. Sreekumar• Sashi Nair, Director • Hashimah Ismail, Director

Senior Management• L.K. Ganapathiraman, Chief Executive

Officer• Mr. K. Srinivasan, General Manager• Mr. Ajith G., Senior Manager (Risk)• Christine Mboya, Internal Audit Man-

ager. Ms. Mboya is a Certified Public Ac-countant (CPA-T)

• Mr. William Makundi, Head of Credit• Mr. Goodchance Ngowi, Acting Finance

Manager• Mr. Pritesh Bakhrenia, Head of IT.

Founded 1997 (in Tanzania) as International Bank of Malaysia

Chairperson Ms. Josephine Premla Sivaretnam

Chief Executive Mr. L.K. Ganapathiraman, Chief Executive Officer


No. of Employees 83

No. of Branches 6

No. of ATMs 6

Web Address www.icbank-tz.com


Selected Financial Trends ICB’s quarterly net interest income has remained essentially flat, averaging TZS 500 million, for the twenty quarters since Q1 2006. It peaked at TZS 792 million in Q4 2007. The bank’s quarterly non-interest income was also relatively flat until some volatility was seen starting in Q4 2007. ICB’s quarterly profits have been positive but modest. Between Q3 2009 and Q2 2010, the bank posted significant losses, due primarily to provisions for bad loans. Profit recovery in 2010 has been driven by the growth non-interest income.

ICB’s deposits expanded more than 3½ times from TZS 16.6 billion to TZS 59.75 billion between 2006 and Q4 2010. Lending stayed flat during this period, peaking at TZS

14.6 billion in Q1 2009, before retreating to TZS 12.8 billion by Q4 2010. The bank’s rate of non-performing loans has been high. It hovered around the 30% level from 2006 to Q3 2009 when it trended upwards to reach 54% in Q1 2010. It fell to 17% by Q4 2010.

ICB’s shareholders funds reflect a lengthy loss-making history where retained earnings were negative throughout the period. In 2007, TZS 4.7 billion was injected as share capital. Other funds boosted capital in 2008, while signifi-cant share premium injections shored it up in 2009. In Q3 2010, TZS 5.554 billion of the share premium was converted to paid-up share capital, increasing it to TZS 11.8 billion and 80% (from 40%) of the bank’s shareholders funds.


Azania Bancorp


Asset Ranking


The bank offers different depository, credit and other financial services. It targets various clientele but most of its clients are businesspeople in the two urban centers where it has branches

TZS2.39bn

19I&M BankTanzania

Investment & Mortgage Bank Lim-ited (T) – I&M Bank was formed in January 2010 after I&M Bank (Group/Kenya) acquired a majority stake in CF Union Bank Ltd. Also

participating in this equity buy-out were PROPARCO-a French Development Insti-tution, Kibo Fund (a private equity fund operating out of Mauritius) and Michael Shirima, a Tanzanian businessman. CF Un-ion Bank had been operating in Tanzania since 2001. It has two branches, one each in Dar es Salaam and Arusha. The bank offers different depository, credit and other finan-cial services. It targets various clientele but most of its clients are businesspeople in the two urban centers where it has branches.

Key ShareholderI&M Bank is a privately owned bank. Start-ed in 1974, it evolved from a community fi-nancial institution to a commercial bank offering a full range of corporate and retail banking services. Proparco and DEG, two leading European development financial institutions own 22% of the Bank. The bal-ance is owned by a consortium of Kenyan investment companies.

I&M Bank is the flagship company of the I&M Group of Companies an East Afri-can corporate with a presence in banking, insurance, manufacturing and real estate. I&M Bank also owns 50% of Bank One Lim-ited in Mauritius together with the CIEL Group, one of the largest business groups in Mauritius.

Board of Directors• Sarit Shah. Mr. Shah was appointed Chair-

person of CF Union Bank Ltd on January 14, 2010. He holds a Masters Degree from City University London. He is currently an Executive Director of I&M Bank Lim-ited and also serves on the board of several other companies, including GA Insurance Limited & Coastal Bottlers Ltd. He is also currently serving as Chairperson of Bank One Ltd in Mauritius

• Michael Shirima • Thierry Hugnin• Arun Mathur• Mrisho Sarakikya• Pratul Shah

Founded 2001 as CF Union Bank and rebranded to I&M Bank in 2010

Chairperson Mr. Sarit S. Raja Shah

Chief Executive Mr. Subramanian Gopalan, Managing Director


No. of Employees 66

No. of Branches 3

No. of ATMs 0

Web Address www.imbank.com/TZ


Senior Management• Subramanian Gopalan, Managing Director• Poncian Katesigwa, Financial Controller• Aimtonga Adolph, Chief Internal Auditor. Ms. Adolph is a

Certified Public Accountant (CPA-T) Selected Financial Trends I&M Bank’s quarterly net interest income has grown from TZS 338 million in Q1 2006 to almost TZS 1.8 billion by Q4 2010. Non-interest income also grew from TZS 170 million to over TZS 1.0 billion in Q3 2010, but retreated to TZS 534 mil-lion due to a drop in foreign exchange profit. Quarterly net profits increased steadily from TZS 181 million to TZS 1.2 bil-lion in Q3, but dropped to TZS 588 million in Q4 2010, driven

by the drop in non-interest income.I&M Bank’s deposits expanded five-fold from TZS 20.1

billion to TZS 102 billion, while lending increased more than 7½ times from TZS 10 billion to TZS 76 billion. The non-per-forming loan ratio started at less than 1.8%. As lending grew, the rate has declined steadily to reach 0.08% by Q3 2010 be-fore ticking upwards to 1.14% in Q4 2010.

I&M Bank’s shareholders funds are dominated by the contribution of retained earnings and quarterly profitabil-ity. Paid-up share capital remained at TZS 1.75 billion until Q3 2010 when it was increased by TZS 645 million to TZS 2.395 billion. An additional TZS 7.48 billion was injected by new shareholders, as share premium, to boost the bank’s capital base.


Azania Bancorp


Asset Ranking


KFCB’s primary goal is to provide financial services to the residents of Kagera region, most of who are engaged in agriculture, livestock keeping and fishing

TZS0.35bn

Kagera Farmers Co-operative

Bank

40

Kagera Farmers Cooperative Bank Limited (KFCB )was incorporated in 2002 by a group of cooperative socie-ties, cooperative Unions and

SACCOS. It is a limited liability company incorporated in Tanzania under the Coop-erative Societies Act No. 15 of 1991 and regu-lated by the Bank of Tanzania as a regional unit bank.

KFCB’s primary goal is to provide fi-nancial services to the residents of Kagera region, most of who are engaged in agricul-ture, livestock keeping and fishing. Most of the loans are offered to groups and socie-ties. However, individuals also constitute a significant portion of the recipients. The bank also offers deposit and saving services.

ShareholdersShareholders of the bank are primary coop-erative societies, the Kagera Farmers’ Coop-erative Union, SACCOS and other institu-tional investors.

Board of Directors• Rweyongeza Bagyemu, Chairperson of

the Board• Andrea Bagayana, Vice Chairperson• Pancras Mutahyabarwa, Member• Oswald Mutaitina, Member

Senior Management• Sylvester Katemana, General Manager• Emmanuel Mashurano, Chief Accountant• Elia Maruma, Credit Manager• Reverian Mukulasi, Loans Follow Up

Manager

• Agripina Kalabamu, Ag. IT Manager

Selected Financial TrendsKFCB’s quarterly net interest income dis-plays a volatile but generally upward trend. It has grown from TZS 28 million in Q1 2006 to TZS 142 million by Q4 2010. Quar-terly non-interest income has also been very volatile and has ranged between TZS 40 million and TZS 50 million until it in-creased sharply to TZS 207 million in Q4 2010 due to foreign exchange profits and ‘other’ sources. Quarterly profits have mir-rored revenue volatility. The losses in Q3 2007 and Q2 2008 were due to bad loan provisions and write-offs, while that in Q4 2009 was due to an increase in expenses.

KFCB’s deposits have grown 2¼

Founded 2002

Chairperson Rweyongeza Bagyemu

Chief Executive Sylvester Katemana, General Manager

Auditors W.M. Kilele & Company

No. of Employees 23

No. of Branches 1

No. of ATMs -

Web Address -


times from TZS 1.71 billion to TZS 3.88 billion. Lending has doubled during the period from TZS 1.488 billion to TZS 3.01 billion, and this after peaking at TZS 3.33 billion in Q3 2009. Non-performing loans stayed below 10%, until Q1 2009 when they jumped to 63%. The rate subsequently declined but it has continued to show an upward trend since Q4 2009.

KFCB’s paid-up share capital contributed the most to shareholders funds until 2009. Shareholders injected TZS 20 million during the period. Another capital boost of TZS 60 million in 2008 seems to have been funded by borrowing. The ‘other’ component of shareholders funds has become a crucial contributor to KFCB’s capital strength.


Azania Bancorp


Asset Ranking


KCB Bank Tanzania Limited currently has 11 branches, namely Zanzibar, Mwanza, Arusha, Mlimani City, Samora Avenue, Uhuru, Msimbazi, Buguruni, Moshi, Morogoro and Oysterbay

TZS24.35bn

KCB BankTanzania

15

Incorporated in April 1997, KCB Bank Tanzania Limited offers a wide range of banking products and tailor-made services for individual and corporate clients. KCB Bank

Tanzania Limited currently has 11 branches, namely Zanzibar, Mwanza, Arusha, Mlima-ni City, Samora Avenue, Uhuru, Msimbazi, Buguruni, Moshi, Morogoro and Oysterbay.

Key ShareholderKCB Bank Tanzania Limited is a subsidi-ary of KCB Group, which also includes KCB Bank Kenya Limited, S&L (a Mortgage sub-sidiary), KCB Bank Sudan Limited and KCB Bank Rwanda Limited. Kenya Commercial Bank was formed in 1896, when its prede-cessor, National Bank of India (NBI) opened a branch in Mombasa. In January 1958, NBI merged with Grindlays Bank Limited, which was acquired by the Government of Kenya and renamed Kenya Commercial Bank Limited in 1970.

Board of Directors• Edmund B. Mndolwa, Chairperson of

the Board. Dr. Mndolwa joined KCB’s board in April 2010. He holds an MBA (Banking and Finance) from Mzumbe University and a PhD in Finance. He is a professional accountant and a gradu-ate of the Commonwealth Association of Corporate Governance. After working for East African Community and Deloitte, he joined Coopers and Lybrand (later Price-waterhouse Coopers) as a partner in 1981, where he served as senior partner until his retirement in 2009. Over the years

he has served as a non-executive Direc-tor of NBC Bank and the Chairperson of the Board of Directors of Tanzania Postal Bank

• Peter Muthoka, KCB Group Chairperson• Dr. Martin Oduor-Otieno, KCB Group CEO• Joshua S. Muiru• Catherine Kimura• Philemon Nikubuka Shimwela

Senior Management• Joram Kiarie, Managing Director. Mr.

Kiarie holds an MBA from the University of Birmingham, a BA from the University of Nairobi and a BSc from the University of Manchester Institute of Science and Technology. He is an Associate of the Chartered Institute of Bankers

Founded April 1997

Chairperson Dr. Edmund Mndolwa

Chief Executive Mr. Joram Kiarie, Managing Director



No. of Branches 11

No. of ATMs 11

Web Address www.kcbbankgroup.com/tz/


• Selemani Ponda, Head of Finance• Dickson Hyera, Head of Internal Audit• Edward Lyimo, Head of Legal• Christina Manyenye, Head of Marketing & Corporate Affairs

Selected Financial TrendsKCB (T)’s quarterly net interest and non-interest income grew steadily up until Q3 2008, when their trajectories sepa-rated and non-interest income became rather volatile. The bank’s profitability has struggled to establish itself. It posted losses in 12 out of the 20 quarters, with a particularly chal-lenging year evident in 2009 when it provided about TZS 2.7 billion for non-performing loans.

KCB’s deposit base expanded almost seven-fold from

TZS 23 billion to TZS 158 billion from Q1 2006 to Q4 2010. Lending expanded 5½ times to TZS 94 billion from TZS 17 billion during the same period. The rate of non-performing loans has been variable. It climbed from 1.93% to 7.42% be-tween Q1 2006 and Q4 2007, retreated to 3.45% by Q4 2008, before trending upward to reach 14.07% in Q4 2010.

Paid-up share capital dominates KCB (T)’s sharehold-er funds structure, contributing about 80% of total capital. Share capital was increased seven times during the period, first by TZS 6.295 billion in Q4 2006, and six more times by a total of TZS 12.052 billion between Q2 2009 and Q4 2010. KCB (T) has found it difficult to shake of the burden of ac-cumulated losses, and the continuing quarterly losses, espe-cially since Q2 2009 are not making matters easier.


Azania Bancorp


Asset Ranking


38

KCBL’s main objective is to provide financial services to clients through their savings and credit cooperative societies

TZS1.08bn

Kilimanjaro Co-operative Bank

Kilimanjaro Cooperative Bank Limited (KCBL) is a regional bank operating from Moshi, Kilimanjaro region. Origi-nally registered as a coopera-

tive society in 1994, it was authorized by the Bank of Tanzania in the same year to oper-ate as a regional bank. It started operations in July 1996. KCBL’s main objective is to provide financial services to clients through their savings and credit cooperative socie-ties (SACCOS). The bank offers services to individuals, companies and other types of organizations. It also provides domestic and international money transfer services through Western Union.

ShareholdersKCBL is owned by registered cooperative societies in Kilimanjaro region. These in-clude primary cooperative societies (Rural Cooperative Societies – RCS), Savings and Credit Cooperative Societies (SACCOS) and large cooperative unions, namely the Kilimanjaro Native Cooperative Society (KNCU) and Vuasu (Pare) Cooperative Un-ion. The amount owned by the different shareholders was not immediately available.

Board of Directors• Emrode E. Kimambo, Chairperson. Mr.

Kimambo is a Lecturer at the Moshi Uni-versity College of Cooperative and Busi-ness Studies (MUCCoBS). He holds a BA in Economics from the University of Dar es Salaam and a Master of Science degree in Agricultural Economics from the Wage-ningen University in the Netherlands

• Verdiana A. Njau• Absolom A. Nyange• Elizabeth S. Bwire• Fanuel M. Monata

Senior Management• Elizabeth Makwabe, General Manager.

Mrs. Makwabe holds a Bachelor of Com-merce Degree from the University of Dar es Salaam and has over 12 years of experi-ence in the banking sector

• Ekwabi S. Mganga, Chief Accountant • Janeth Minja, Chief Internal Auditor • Ombeni Masaidi, Credit Manager • Peter Olomi, Information and Communi-

cation Technology Manager

Founded July 10, 1996

Chairperson Mr. E. E. Kimambo

Chief Executive Mrs. Elizabeth Makwabe, General Manager

Auditors TAC Associates

No. of Employees 30

No. of Branches 1

No. of ATMs 0

Web Address -


Selected Financial TrendsKCBL’s quarterly net interest income rose to a range of be-tween TZS 120 million and TZS 160 million from Q1 2007 to Q4 2010. Quarterly non-interest income has trended upwards from an average of TZS 14 million in 2006 to TZS 74 million by 2010. The bank’s quarterly net profits have been very volatile. The large losses in Q2 2007, Q3 2008 and Q2 2009 have been due to large provisions for bad debts, and loan write-offs.

KCBL’s deposits expanded 1.6 times from TZS 3.4 bil-

lion in Q1 2006 to TZS 5.6 billion in Q4 2010, Lending grew from TZS 1.7 billion, peaked at TZS 3.2 billion in Q2 2008 and trended downwards since then. The rate of non-performing loans has hit two peaks of 33% in Q3 2008 and Q3 2010.

KCBL’s quarterly and retained losses are reflected in the volatility of the shareholders’ funds. Shareholders have injected TZS 589 million since 2006 and maintained a capi-tal reserves buffer of TZS 450 million since 2008 in order to shore up the bank’s capital.


Azania Bancorp


Azania Bancorp

Asset Ranking


MCB is a microfinance bank, with typical clients being smallholder farmers, artisans and micro retail businesses

TZS0.32bn

39Mbinga

Community Bank

Mbinga Community Bank (MCB) opened on July 30, 2003 to fill the void left by the collapse of Mbinga Cooperative Un-

ion (MBICU) in the 1990s. Headquartered in Mbinga Township, the bank is licensed by the Bank of Tanzania as a regional unit bank. MCB is a microfinance bank, with typical clients being smallholder farmers, artisans and micro retail businesses.

ShareholdersThe Bank has a wide range of shareholders. These include area Cooperative Societies, Mbinga area SACCOS, NGOs, companies and individuals. The amount owned by the different shareholders was not immediately available.

Board of Directors• Mr. Altemius Millinga, Chairperson• Fr. Andrew Ndimbo, Director• Mr. Donald Kissongo, Director• Ms. Isabela Komba, Director• Mr. Shaibu Mnunduma, Director • Mr. Optat Shedehwa, General Manager

Senior Management• Mr. Optat Shedehwa, General Manager• Mr. Edwin Namnauka, Head of Finance• Mr. Shaibu Mwambungu, Ag. Chief Inter-

nal Auditor

Selected Financial TrendsMCB’s quarterly net interest and non-in-terest income have been modest but vola-tile, perhaps reflecting the seasonality of the agricultural economy on which many of its clients rely. Profit volatility is am-plified by the periodic provisions for non-performing loans, and some subsequent write-backs.

MCB increased its deposits by 167% between 2006 and 2010 from about TZS 1.2 billion to over TZS 3.1 billion. Lending expanded by 125% from TZS 977 million to TZS 2.2 billion. MCB has reduced the rate of non-performing loans from a peak of al-most 33% in Q1 2007 to 3.6% in Q3 2009, but it had increased to 11.2% in Q4 2010.

MCB’s paid-up share capital account-

Founded 30 July 2003

Chairperson Mr. Altemius Millinga

Chief Executive Mr. Optat Shedehwa, General Manager

Auditors Globe Accountancy Services

No. of Employees 37

No. of Branches 1

No. of ATMs 0

Web Address www.mbingabank.com


ed for around 70% of shareholders funds in 2006. The bank’s persistent retained losses since 2007, has prompted share-holders to provide significant support. TZS 32 million in new

paid-up share capital was injected, as well as an additional TZS 210 million in regulatory reserves and other resources, between 2007 and 2010.


Azania Bancorp


Asset Ranking


Bank targets micro and small entrepreneurs, medium business entrepreneurs, employed individuals, businesses, institutions, SACCOS and other groups for credit facilities.

TZS7.89bn

Mkombozi Commercial

Bank

32

Mkombozi Commercial Bank was licensed by the Bank of Tanzania in July 2009 and started its operations in August

2009. Regulated by the Bank of Tanzania as a commercial bank, it currently has one branch, located in Dar es Salaam. Mkom-bozi Commercial Bank provides credit fa-cilities, depository services, guarantees, foreign exchange operations, Automated Teller Machines (ATMs) and money trans-fers. It targets individuals, companies, part-nerships, sole-proprietorships, SACCOS, trusts, firms, joint arrangements, parishes, schools, hospitals, small communities, pri-vate and public communities for depository services. It also targets micro and small en-trepreneurs, medium business entrepre-neurs, employed individuals, businesses, institutions, SACCOS and other groups for credit facilities.

ShareholdersMkombozi Commercial Bank was started with a USD 5.0 million capital base, raised from investors purchasing shares priced at TZS 1,000 shillings each. Investors include Catholic Church dioceses in the country, parishes, other religious organizations and individuals. The Tanzania Episcopal Con-ference and Catholic Dioceses are the ma-jority shareholders, holding 51% of the ex-isting shares.

Board of Directors• Masha John Mshomba, Chairperson. Mr.

Mshomba is a Certified Public Account-

ant (CPA-T). He is Director of Finance at the Public Sector Pension Fund (PSPF)

• Method Anatoli Kashonda• Rt. Rev. Beatus Kinyaiya• Rev. Fr. Anthony Makunde• Eve Hawa Sinare• Placidius Luoga• Marcellino Kayombo

Senior Management• Edwina Lupembe, Chief Executive Of-

ficer. Mrs. Lupembe is a career banker who worked for the former National Bank of Commerce. Prior to joining Mkombozi Commercial Bank, she was the Chief Ex-ecutive Officer of Consolidated Holdings Corporation (CHC)

Founded August 2009

Chairperson Mr. Masha John Mshomba

Chief Executive Mrs. Edwina Lupembe, Chief Executive Officer


No. of Employees 37

No. of Branches 1


Web Address www.mkombozibank.com


• Dennis Frank Kejo, Finance Manager• Ladislaus Ndallanga, Chief Internal Auditor• Sylvester Remmy Kasikila, Branch Manager• Baltazar Mbilinyi, Legal Counsel and Company Secretary• Yordan Mwitalema, ICT Manager

Selected Financial TrendsMkombozi Commercial Bank first reported its results in Q4 2009 and is showing modest quarterly net interest and non-interest income growth. It has not yet reported profits, but has reduced quarterly losses from TZS 490 million in Q4 2009 to TZS 237 in Q4 2010. The bank earned TZS 159 mil-lion in ‘other’ non-interest income to almost break even in Q2 2010.

After five quarters of operation, Mkombozi Commer-cial Bank has expanded its deposit base from TZS 2.2 billion to TZS 16.4 billion. Lending has grown from TZS 380 million to TZS 6.6 billion. The bank has yet to report any non-per-forming loans on its books.

Mkombozi Commercial Bank’s shareholder funds are dominated by paid-up share capital. As early losses have eat-en into the share capital, further investor support is evident in the conversion of additional funds (‘other’) into paid up share capital between the first and second quarters of 2010. Share capital increased by TZS 727 million from TZS 6.01 bil-lion to TZS 6.73 billion. Extra funds totaling TZS 1.152 billion were injected in Q4 2010 to increase the bank’s paid up share capital from TZS 6.73 billion to TZS 7.889 billion.


Azania Bancorp


Asset Ranking


35

TZS0.37bn

The bank was started in 1998 and was the first community bank to be licensed by the Bank of Tanzania

Mufindi Community Bank

Mufindi Community Bank (MUCOBA) is a regional bank providing micro-finance services to low and medium income

earners in the Mufindi District in Iringa Region and neighbouring rural areas. It was started in 1998 and was the first community bank in Tanzania licensed by the Bank of Tanzania.

The bank offers loans, savings and other financial services to entrepreneurs, farmers and employees in Mufindi. The main target group is the small and medium enter-prise. The bank also targets SACCOS, which play a major role in delivering credit to the groups and individuals. MUCOBA aims to increase the size of its deposits by 200% and the loan portfolio by 172% by 2013.

ShareholdersMUCOBA started with a share capital of TZS 50 million, the minimum required to start a community bank. Founding mem-bers were the Mufindi Education Trust, In-cofin Tanzania, MET and Incofin Workers’ SACCOS, Mufindi Teachers’ SACCOS and Joseph Mungai, a former Member of Parlia-ment. The share capital has expanded and additional shareholders include NGOs, pri-vate firms, Mufindi District Council, SAC-COS and individuals.

Board of Directors• Atililo Mohele, Chairperson. Mr. Mohele

holds a Masters in Economics and a BA in Economics and Statistics from the Uni-versity of Dar es Salaam

• Marcellina Mkini, Director. Mrs. Mkini is an Agricultural Officer and holds a Di-ploma in Agricultural Nutrition

• Golden Sanga, Director. Mr. Sanga is a teacher and holds a Certificate in Education

• Israel Ndanshau, Director. Mr. Ndanshau holds an MBA and a B.Sc. in Forestry.

• Basil Mkwata, Director. Mr. Mkwata is a lawyer and an Advocate of the High Court of Tanzania. He holds a Bachelor of Laws (LL.B) Degree

• Ernest Usangira, Director. Mr. Usangira is a retired teacher and holds a Bachelor of Science Degree in Education

Founded 1998

Chairperson Mr. Atililo Mohele

Chief Executive Mr. Danny Mpogole, General Manager

Auditors Ashvin Solanki & Company, Iringa

No. of Employees 29

No. of Branches 1

No. of ATMs 0

Web Address www.mucobatz.com


Senior Management• Danny Mpogole, Chief Executive Officer. Mr. Mpogole

holds a BA in Economics and a MSc (Finance) from the University of Strathclyde

• Ben Mahenge, Head of Finance• Paul Busasi, Head of Operations• Deogratius Modaha, Head of Credit• Magesa Mafuru, Head of Internal Auditor

Selected Financial TrendsMUCOBA’s quarterly net interest income has been very volatile. Between Q1 2006 and Q1 2008, net interest income

ranged between TZS 75 million and TZS 263 million. After that, volatility reduced somewhat, falling within the TZS 150 million to TZS 250 million range until Q3 2010. In Q4 2010, the bank recorded its highest level of net interest income of TZS 343 million. Quarterly non-interest income has averaged about TZS 50 million. Profitability has been positive since 2006, with only a modest loss recorded in Q3 2009.

MUCOBA has doubled its deposit base from TZS 2.4 bil-lion to TZS 5.0 billion in a steady growth path. Loans expanded 2 times from TZS 1.8 billion to TZS 3.6 billion during the same period. After rising sharpy to peak at almost 18% in Q1 2007, the rate of non-performing loans has remained below 10%.


Azania Bancorp


Asset Ranking


TZS0.48bn

The bank’s primary aim is to provide access to quality financial services to individuals and groups in its area of operation through products such as loans targeting SMEs, salaried workers, employees, Savings and Credit Cooperative Societies (SACCOS) and farmers

36Mwanga Rural

Community Bank

Operating from Mwanga Dis-trict in Kilimanjaro region, Mwanga Rural Community Bank started operations as a regional unit finan-

cial institution in 2000. In 2009, the bank was granted a regional bank license by the Bank of Tanzania. The bank’s primary aim is to provide access to quality financial serv-ices to individuals and groups in its area of operation through products such as includ-ing loans targeting SMEs, salaried workers, employees, Savings and Credit Cooperative Societies (SACCOS) and Farmers. The bank attracts deposits through saving, fixed and current accounts and offers Western Union money transfer services.

ShareholdersThe bank’s shareholders include the Mwan-ga Pare Community Development Trust Fund, Mwanga District Council, Institu-tions and Non-Governmental organiza-tions like TGT, individuals from villages of Mwanga District and living in Dar es Sa-laam, Arusha, Dodoma, Tanga and Moshi. The amount owned by the different share-holders was not immediately available.

Board of Directors• I. H. Seushi, Chairperson. Mr. Seushi

holds a Master of Science in Agricultural Economics and a Bachelor of Arts in Eco-nomics degrees. He is a Partner in charge of Management Consulting at Pricewa-terhouseCoopers (Tanzania), where he has been partner for the past 24 years

• R. Mringo, Director

• A.T. Nguluma • Z. Ally• J.K. Msemo• T. Mndeme• E. Toroka

Management• A.Y. Ghuhia, Managing Director. Mr.

Ghuhia holds a Master of Science degree in Community Development and an Ad-vanced Diploma in Banking. He has 30 years of experience in banking and previ-ously worked as Operations Manager for KCB Bank in Arusha

• S.A. Muhuji, Credit Manager• Hilda F. Hungu, Finance and Administra-

tion Manager

Founded 2000

Chairperson I. H. Seushi

Chief Executive Mr. A.Y. Ghuhia, Managing Director

Auditors Tanzania Audit Company

No. of Employees 29

No. of Branches 1

No. of ATMs 1; Tanpay VISA cards

Web Address www.mwangabank.co.tz


• H.K. Kishanga, ICT Manager• F.I. Maarufu, Internal Auditor

Selected Financial TrendsMwanga Bank’s quarterly net interest income grew thirteen-fold from TZS 50 million to TZS 619 million between 2006 and Q4 2010. Non-interest income has remained modest, be-low TZS 50 million until Q3 2010, when it rose to TZS 61 mil-lion. Q4 2010 was a good one for the bank, as the non-interest income grew to TZS 197 million. Profitability was also mostly positive until a sizeable loss of TZS 228 million in Q1 2010.

Mwanga Rural Community Bank’s deposits expanded from TZS 1.7 billion to peak at TZS 4.5 billion in Q1 2009. The bank experienced a sharp drop to TZS 2.9 billion in Q2 2009

but recovered to reach TZS 3.8 billion by Q3 2010. The depos-its dropped slightly to TZS 3.4 billion in Q4 2010.

Loans grew from TZS 0.95 billion to peak at TZS 4.0 billion in Q3 2009. They have retreated slightly to just under TZS 4 billion by Q4 2010. The rate of non-performing loans started at just under 8% in early 2006, fell to 1% by Q2 2008, rose steadly to reach 8% again by Q3 2010 but fell sharply to 0.05% in the last quarter of 2010.

Mwanga Rural Community Bank’s shareholders funds are almost evenly split between paid up share capi-tal and a combination of its retained earnings and quarterly profits. TZS 348 million in paid up share capital has been injected since Q1 2006, with TZS 194 million of it coming in since Q1 2009


Azania Bancorp


Asset Ranking


NationalBank of Commerce

TZS12.00bn

04

National Bank of Commerce Limited was formed on 1st April 2000 when NBC (1997) Limited was privatised and sold to ABSA Group Ltd. of South Africa. NBC (1997) Ltd. was born out of the National Bank of Com-

merce (NBC) - the largest commercial bank at the time, which was formed after the nationalization of banks and fi-nancial institutions in Tanzania in 1967. During the reform of Tanzania’s banking sector in 1991, NBC was split into three entities, namely NBC Holding Corporation, National Micro-finance Bank (NMB) and NBC (1997) Limited. This was the first step towards the privatization of NBC. NBC Limited tar-gets both retail and corporate clients. It offers various depos-itory, credit and treasury products and it has one of the larg-est branch networks in the country.

ShareholdersThe bank’s majority shareholder is ABSA Group of South Af-rica, which is one of the largest banks in Af-rica in terms of asset and capital size. Other shareholders are the Government of the United Republic of Tanzania and the Inter-national Finance Corporation (IFC), the pri-vate sector arm of the World Bank Group.

Board of Directors• Dr. Mussa Assad, Chairperson Dr. Assad

is the Head of Department of Account-ing at the University of Dar es Salaam Business School, where he is also a Sen-ior Lecturer. He is also the Chairperson of the Governing Board of the National Board of Accountants and Auditors (NBAA) and a member of the Govern-ing Council of the Muslim University of Morogoro

• Ambassador Ami Mpungwe• Mr. Anthony De La Rue

• Mr. Eduardo Laurentino• Mr. Frans du Toit• Mr. John Gochora• Mr. Lawrence Mafuru• Mr. Daniel J. Brits• Mr. Shogholo Msangi• Mr. Riaan van Jaarsveld• Dr. Hussein Kassium

Senior Management• Lawrence Mafuru, Managing Director. Mr. Mafuru is a

Certified Chartered Banker from the Chartered Institute of Banking (UK) and a Certified Treasury Practitioner (ACI Financial Markets)

• Mr. Maharage Chande, Chief Operations Officer• Mr. Felix Kibodya, Senior Legal Counsel• Mrs. Clara Rubambe, Company Secretary • Mr. Godfrey Sigalla, Head of Internal Audit

Founded 1997

Chairperson Dr. Mussa Assad

Chief Executive Mr. Lawrence Mafuru, Managing Director


No. of Employees 1,496

No. of Branches 53

No. of ATMs 221

Web Address www.nbctz.com


• Mr. Severin Ndaskoi, Head of Risk • Mr. Pius Tibazarwa, Head of Treasury • Mr. Leon Leach, Head of Corporate Credit • Mr. Mike Ndiweni, Head of Retail Credit • Mr. Riaan Van Jaarsveld, Head of Finance • Mr. Johan Vermaas, Head of Retail Banking

Selected Financial TrendsNBC’s quarterly net interest income has grown steadily from TZS 12 billion to TZS 26 billion between Q1 2006 and Q4 2010. Quarterly non-interest income also expanded from TZS 5.8 billion to over TZS 17 billion. NBC’s quarterly profits trended upwards from TZS 6.3 billion to TZS 12.5 billion by Q4 2008. After that, the smooth trend was disturbed by growing provi-sions for bad debts. In Q4 2010 NBC set aside almost TZS 32

billion for bad debts, leading to a loss of over TZS 20 billion.NBC’s deposits have doubled from TZS 552 billion to

TZS 1.2 trillion during the period. Loans have expanded 2.3 times from TZS 309 billion to TZS 711 billion. The rate of non-performing loans has also trended upwards, from 2% in Q1 2006 to 7% in the period between Q4 2009 and Q3 2010. It rose sharply to 17% in Q4 2010, probably due to a review of the quality of the bank ‘s loan book.

NBC’s shareholders funds are dominated by the bank’s retained earnings and strong quarterly profits. Paid-up share capital has remained at TZS 12 billion throughout the period, meaning that its portion of shareholders funds has declined to less than 10% in Q4 2010 from 20% in Q1 2006. NBC has paid out a total of TZS 36.3 billion in cash dividends during the period.


Azania Bancorp


Asset Ranking


NMB was formed in 1997 through the National Microfinance Bank Limited Incorporation Act

TZS20.00bn

NationalMicrofinance

Bank Plc

03

NMB is the largest bank in Tanzania, in terms of its customer base and branch network. The bank has 138 branches located in more

than 80% of Tanzania’s districts.NMB was formed in 1997 through the

National Microfinance Bank Limited Incor-poration Act. It was then wholly owned by the government of Tanzania. In 2005, gov-ernment sold a 49% stake to a consortium led by the Rabobank Group of the Nether-lands. Institutional investors from Tanza-nia were the National Investment Company (NICOL), Exim Bank and TCCIA Invest-ment Company. In November 2008, govern-ment listed 21% of its stake on the Dar es Sa-laam Stock Exchange.

Shareholders• Rabobank – 34.9%• Government of Tanzania – 31.78%• Publicly listed shares – 20.42%• National Investment Company Ltd

(NICOL) –4.6%• Exim Bank Tanzania – 5.8%• TCCIA Investment Co. Ltd – 1.7%

Board of Directors• Meshack Ngatunga, Chairperson. Mr.

Ngatunga has a strong background in management, banking and consultan-cy. From 1995 to 2003 he managed the East Africa regional office of the Africa Project Development Facility (APDF). Prior to that, he worked with the East Af-rica Development Bank, where he headed

the bank’s operations department for fif-teen years

• Bruce Dick• Felix Mosha• Protase Tehingisa• Jos van Lange• Mike Laiser• Margaret Ikongo• William Mlaki• Mr. Yona Killagane

Senior Management• Mark Wiessing, Chief Executive Officer.

Mr. Wiessing’s appointment as NMB’s Chief Executive Officer came into effect on December 1, 2010. Until his appoint-ment he was the Chief Executive Officer

Founded September 1997

Chairperson Mr. Meshack Ngatunga

Chief Executive Mr. Mark Wiessing, CEO


No. of Employees 2,610

No. of Branches 139

No. of ATMs 281

Web Address www.nmbtz.com


of Zambia National Commercial Bank (ZANACO), a sub-sidiary of Rabobank Group. He holds an MBA from the University of Georgia in the USA

• Waziri Barnabas, Chief Financial Officer • John Ncube, Chief Information Officer• Danny Van Det, Chief Credit Management Officer • Kees Verbeek, Chief Commercial Officer• Arjan Molenkamp, Chief Operations Officer

Selected Financial TrendsNMB’s quarterly net interest income has grown from TZS 18.8 billion in Q1 2006 to TZS 32.6 billion in Q4 2010, af-ter peaking at TZS 35.6 billion in Q4 2008. The bank’s quarterly non-interest income has also grown steadily, and accelerated from TZS 9.5 billion in Q1 2009 to reach

TZS 22 billion in Q3 2010 before falling slightly to TZS 19 billion in Q4 2010. Profits have remained robust at levels ranging between TZS 8.6 billion in 2006 to TZS 13.5 bil-lion in 2010.

NMB’s deposit base expanded 2.7 times from TZS 667 billion to TZS 1.8 trillion during the period. Loans grew over ten times from TZS 84 billion to TZS 858 billion. The rate of non-performing loans declined from the peak of over 9% in Q3 2008 to under 2.5% by Q4 2010.

NMB’s shareholders funds are dominated by retained earnings and strong quarterly profits. Paid up share capital, unchanged at TZS 20 billion has seen its portion of the capi-tal structure fall from just under 30% in Q1 2006 to just 9% in Q4 2010. NMB has paid a total of TZS 54.7 billion in cash dividends since 2006.


Azania Bancorp


Asset Ranking


NIC Bank Tanzania was established in 2009 after the acquisition of Savings and Finance Limited by NIC Bank of Kenya. Savings and Finance Commercial Bank Limited started its operations in 1994 as a non-bank financial institution

NIC BankTanzania

TZS12.70bn

23

NIC Bank Tanzania was es-tablished in 2009 after the acquisition of Savings and Finance Limited by NIC Bank of Kenya. Savings and

Finance Commercial Bank Limited started its operations in 1994 as a non-bank finan-cial institution. It was converted into a com-mercial bank in 2004. Currently the bank has branches in Dar es Salaam, Mwanza and Arusha. The Bank offers various deposit products to meet clients’ banking needs. The bank also offers various credit facilities and other banking services.

ShareholdersNIC Bank of Kenya acquired a 51% control-ling stake of Savings and Finance Commer-cial Bank in May 2009. NIC Bank was incor-porated in Kenya in 1959. The bank was one of the first to provide hire purchase and in-stallment credit finance facilities in Kenya. NIC Bank went public in 1971 and is listed on the Nairobi Stock Exchange. It has ap-proximately 25,000 shareholders. NIC Bank Tanzania’s remaining 49% stake is owned by various individuals.

Board of Directors• Abdulsultan H. Jamal, Chairperson. Mr.

Jamal is a Tanzanian businessman and industrialist with business interests in manufacturing, export and construc-tion. He is a Director of Jubilee Insurance Company of Tanzania Limited

• Sharmapal Aggarwal• Mark Bomani• Andrew Ndegwa

• James Macharia

Senior Management• James Muchiri, Managing Director and

Chief Executive Officer. Mr. Muchiri joined NIC Bank (Tanzania) from NIC Bank (Kenya), where he was the Direc-tor of Technology and Operations. He joined NIC Bank (Kenya) from a position as Standard Chartered Bank’s Head of Banking Service Delivery, Africa Region. He has a Bachelor of Education in Science degree from Kenyatta University and a Post Graduate Diploma in Computer Sci-ence from the University of Nairobi

• Adam S. Walwa, Head of Business Development

• Christopher Kazalla, Manager, Internal Audit

Founded 1994 as a non-bank financial institution, June 2004 as commercial bank

Chairperson Mr. Abdulsultan Hasham Jamal

Chief Executive Mr. James Muchiri, Chief Executive Officer


No. of Employees 84

No. of Branches 3

No. of ATMs 0

Web Address www.sfltz.com or www.nic-bank.com


Selected Financial TrendsNIC Bank’s quarterly net interest income has been fairly steady at around TZS 660 million. From Q4 2009, a dis-tinctly upward trend is evident, reaching TZS 1.27 billion in Q3 2010 and falling slightly to TZS 1.23 billion in Q4 2010. The bank’s quarterly non-interest income has also grown from an average of TZS 433 million between Q3 2006 and Q2 2010 after which it accelerated to TZS 1.36 billion in Q3 2010. Quarterly profits were positive, averag-ing TZS 240 million between Q3 2006 and Q1 2009. There followed a period of losses caused by some aggressive pro-visioning for bad loans totaling TZS 1.755 billion between Q4 2008 and Q4 2009. Profitability returned in 2010, driv-en by revenue growth.

NIC Bank’s deposits grew steadily to Q1 2009 when

there was some scaling back. It has recovered to reach TZS 55.4 billion in Q4 2010. Loan growth was modest at first, reaching TZS 31.4 billion in Q2 2008, retreating slightly over the next six quarters to TZS 24.1 billion. It doubled to TZS 48 billion by Q3 2010 and has moderated slightly to TZS 44 billion in Q4 2010. The rate of non-performing loans trended downwards from 5% to almost 0% in Q4 2008. It then in-creased sharply to peak at 13% in Q1 2010, reflecting the new, more aggressive provisioning policy.

Between 2006 and 2008, NIC Bank’s shareholders funds were made up of paid up share capital and retained earnings and profitability in roughly equal proportions. The new shareholder’s capital injection of TZS 6.127 billion is evi-dent in Q2 2009, after which paid up share capital dominates the bank’s shareholders funds.


Azania Bancorp


Asset Ranking


07Stanbic Bank

Tanzania

The Standard Bank Group, based in Johannesburg, South Africa, has total assets of USD 81 billion and employs 35,000 people worldwide. Its network spans 17 sub-Saharan countries (including South Africa) and extends to 21 countries on other continents, including key financial centres in Europe, the United States and Asia

TZS4.98bn

Stanbic Bank in Tanzania Limit-ed was established in May 1995 when the operations of Meridi-en Biao Bank Tanzania Limited were acquired by the Standard

Bank Group.

Shareholder The Standard Bank Group, based in Johan-nesburg, South Africa, has total assets of USD 81 billion and employs 35 000 people worldwide. Its network spans 17 sub-Saha-ran countries (including South Africa) and extends to 21 countries on other continents, including key financial centres in Europe, the United States and Asia. In addition to banking, Standard Bank has a strategic in-terest in the insurance industry through its control of the Liberty Group, one of Africa’s leading life offices and financial services groups.

Board of Directors• Hatibu Senkoro. Mr. Senkoro is a Certi-

fied Public Accountant and an experi-enced banker. He has worked in senior management positions of various par-astatals and private companies, including the Tanzania Development Finance Com-pany (TDFL)

• George Alliy • Abdulrahman Kinana• Joaquine DeMello• Hamisi Kibola

Senior Management • Bashir Awale, Managing Director. An

experienced banker, Mr. Awale joined

Stanbic Bank from Citibank Tanzania, where he served as the Deputy Manag-ing Director

• Juliana Sweke, Head of Finance• Sioi Solomon, Head of Legal• Mary Mabiti, Head of Internal Audit• Abdallah Singano, Head of Marketing

and Corporate Affairs• Douglas Kamwendo, Head of Personal

and Business Banking • Samson Okero, Head of Corporate and

Investment Banking • Mariam Bayumi, Head of Human Re-

sources• Lulu Shikonyi, Head of Operations • Daniel Maginga, Head of Credit • Lightness Mauki, Head of Risk • Zainul Chandoo, Head of Global Markets

Founded May 1995

Chairperson Mr. Hatibu Senkoro

Chief Executive Mr. Bashir Awale, Managing Director



No. of Branches 11

No. of ATMs 16

Web Address www.stanbic.com


Selected Financial TrendsStanbic’s quarterly net interest income has increased from TZS 3.4 billion in Q1 2006 to TZS 7.2 billion in Q4 2010. Non-interest income has also expanded from TZS 3.6 billion to TZS 6.7 billion in Q4 2010. Income trends have been volatile, with the drop in non-interest income from TZS 9.4 billion in Q4 2007 to a loss of TZS 179 million by Q2 2008 being nota-ble. Stanbic’s profitability suffered in 2006 due to provisions for bad loans totaling TZS 14.3 billion. Such provisions have declined sharply in subsequent years, and in Q3 2010, Stanbic was able to write back TZS 2.7 billion. After making profits in 15 consecutive quarters from Q1 2007 to Q3 2010, the bank reported a small loss of TZS 17 million in Q4 2010, caused by

a 26% jump in non-interest expenses in that quarter. Stanbic’s deposits have more than doubled from TZS

220 billion to TZS 480 billion during this period. Loans ex-panded 2.8 times from TZS 117 billion to TZS 327 billion. During the same period, the bank reduced the rate of non-performing loans from the peak of 36% in Q2 2006 to 2.6% in Q4 2010.

In 2006, Stanbic’s shareholder’s funds saw a reduc-tion in retained earnings as losses accumulated. In the same year, Stanbic received TZS 22.5 billion in share premium and long-term debt to strengthen the capital base. Since then, the bank’s quarterly profits and retentions have increased their contribution the shareholders funds.


Azania Bancorp


Asset Ranking


TZS22.54bn

05

Standard Chartered Bank started operations in Tanzania in 1917 and, following the period of nationalization, it reopened in 1993 as the first international bank to operate in the country after the liberalization of the financial sector

StandardChartered Bank

Tanzania

Standard Chartered Bank start-ed operations in Tanzania in 1917 and, following the period of nationalization, it reopened in 1993 as the first international

bank to operate in the country after the lib-eralization of the financial sector. The bank has a total of seven branches, four in Dar es Salaam, and one each in Mwanza, Aru-sha and Moshi. The bank’s primary target is corporate customers, including major in-ternational corporations, local businesses, donor agencies, government and parastatal organizations.

ShareholdersStandard Chartered Bank Tanzania is a wholly owned subsidiary of Standard Char-tered Bank Plc (UK).

Board of Directors• Mike Hart, Chairperson. Mr. Hart is

Standard Chartered’s Chief Executive Of-ficer for Africa Region

• GodfreyUrasa• Mr.JayeshShah• Mr.RaphaelMollel• Mr.RichardEtemesi• Mr.JeremyAwori• Ms.MariamMendyNjie

Senior Management• JeremyAwori,ChiefExecutiveOfficer.A

Kenyan national, Mr. Awori joined Stand-ard Chartered (Tanzania) from Standard Chartered UAE, where he was the Head of Consumer Banking. Mr. Awori holds a Bachelor of Science degree in Pharmacy

from the University of Manchester in the UK and a Masters of Business Adminis-tration from McGill University, Canada

• MusaJallow,Head,ConsumerBanking• NinaP.Eshun,Head,LegalandCompany

Secretary• MariamMendyNjie,ChiefFinanceOfficer• JuanitaMramba,Head,CorporateAffairs• ViviennePenessis,Head,HumanResources• KgotsoBannalotlhe,Head,FinancialMarkets• Theobald Sabi, Head, Origination and

Client Coverage• AlelioLowassa,ChiefInformationOfficer• Irene Sengati-Giattas, Country Opera-

tional Risk Assurance Manager • FulgenceShirati,ChiefInternalAuditor.

Founded 1917 (incorporated in Tanzania in 1993)

Chairperson Mr. Mike Hart

Chief Executive Mr. Jeremy Awori, Chief Executive Officer

Auditors KPMG


No. of Branches 7

No. of ATMs 8

Web Address http://www.standardchartered.com/tz/en/


Selected Financial Trends Standard Chartered’s quarterly net interest income grew to peak at TZS 12 billion in Q3 2007 before retreating to with-in a range of TZS 8-10 billion for the following ten quarters. In Q2 2010 it reached TZS 11.7 billion before falling sharply to TZS 3.1 billion in the third quarter followed by a bounce back to TZS 8.8 billion in Q4 2010. Non-interest income has trended steadily upwards, with significant acceleration dis-played in the first three quarters of 2010. The volatility in the bank’s profits in 2006 and 2007 is due primarily to pro-visions for bad debts in 2006 of TZS 11.7 billion, and subse-quent write-backs in 2007 of TZS 6.1 billion.

The bank’s deposits doubled from TZS 387 billion to TZS 819 billion between Q1 2006 and Q4 2010. Lending ex-panded by almost 90% from TZS 247 billion to TZS 464 bil-

lion during the same period, with a peak of TZS 475 billion recorded in Q3 2010. The high rate of non-performing loans in 2006 and early 2007 – peaking at almost 15% in Q2 2007 - was reflected in the provisions and has been managed downwards to 4.9% in Q4 2010.

The bank’s deep pool of retained earnings of TZS 23 billion accounted for 60-70% of its shareholders funds in 2006 when paid-up share capital was just TZS 1.0 bil-lion. This was increased to TZS 15 billion through an in-jection of TZS 10 billion by shareholders and by convert-ing TZS 4.0 billion of retained earnings into share capital. Another injection of TZS 7.51 billion was made in Q3 2010 to increase the bank’s share capital to TZS 22.54 billion. Since 2008, the bank has paid out TZS 37 billion in cash dividends.


Azania Bancorp


Asset Ranking


Tandahimba Community Bank Limited (TCB) operates from Tandahimba District, a rural community (omit comma) in Mtwara region

41

TZS0.27bn

Tandahimba Community Bank

Tandahimba Community Bank Limited (TCB) operates from Tandahimba District, a ru-ral agriculatural community, in Mtwara region. The bank

started operations in 2008 as a regional banking unit, under the supervision of the Bank of Tanzania. The bank provides fi-nancial services to individuals and groups, including loans targeting rural enterprises, groups, SMEs and individuals.

Shareholders• Tandahimba District Council – 62.90%• Individuals – 16.58%• Tanzania Gatsby Trust Fund – 8.73%• Masasi District Council – 3.49%• Primary Schools (in Tandahimba) – 3.48%• Newala District Council – 2.18%• SACCOS – 2.03%• Village Councils – 0.58%• Non-Governmental Organizations – 0.03%

Board of Directors• Athumani Beno Mhagama, Chairperson.

Mr. Mhagama is a Certified Public Ac-countant (CPA-T)

• Manase Charles Ndoroma, Vice Chair-person of the Board. Mr. Ndoroma is the Legal Counsel for the Tandahimba Dis-trict Council

• Dr. Rashid Tamatamah, Director. Dr. Tamatamah is an Aquatic Ecologist and a Senior Lecturer at the Department of Aquatic Sciences and Fisheries of the University of Dar es Salaam, where he is also the Head. He holds a PhD from the University of Waterloo (Canada) and an

MSc from the University of Stirling (UK). • Mfaume M. Juma, Director. Mr. Juma is

a Principal Trade Information Officer at the Board of External Trade

• Abdallah Njovu. Mr. Njovu is the District Executive Director (DED) of the Tanda-himba District Council. He is a Certified Public Accountant (CPA-T)

• Mr. Suleiman Mombo, Secretary to the Board and General Manager

Senior Management• Suleiman Mombo, Chief Executive Of-

ficer. Mr. Mombo has over 20 years of experience in the banking sector having worked for NBC, NMB, CF Union Bank and Mbinga Community Bank, before joining Tandahimba

Founded Incorporated December 2007; Operations started in October 2008

Chairperson Mr. Athumani Beno Mhagama

Chief Executive Mr. Suleiman Mombo, General Manager

Auditors Globe Accountancy Services

No. of Employees 8

No. of Branches 1

No. of ATMs 0

Web Address None


• S. M. Mbuma, Chief Internal Auditor. Mr. Mbuma has over 27 years in banking, having previously worked for NBC and NMB. He holds a BA in Economics

• Jofram John, Head of Finance. Mr. John holds a Bachelor of Commerce (Accounting) from the University of Dar es Salaam

Selected Financial TrendsThe bank’s net interest income has been growing steadily since Q1 2009 and peaked at TZS 28 million Q2 2010 before declining in the following two quarters. With the exception of a TZS 30 million spike in Q3 2009, non-interest income has

been flat. TCB has not yet achieved quarterly profitability as income has not yet been able to cover non-interest costs.

TCB’s deposits grew six-fold from TZS 78 million in Q1 2009 to TZS 463 million in Q4 2010. Lending grew sharply to peak at TZS 541 million in Q3 2009. It shrank since then to TZS 128 million four quarters later but rebounded to TZS 255 million in Q4 2010. The rate of non-performing loans has climbed to 22% in Q4 2010.

TCB has experienced losses since Q1 2009, prompting shareholders to inject TZS 39 million in paid-up share capi-tal, and at least TZS 20 million in share premium in order to shore up the bank’s capital.


Azania Bancorp


Asset Ranking


TZS92.14bn

11Tanzania

Investment Bank

Tanzania Investment Bank (TIB) was estab-lished in 1970 as a development finance institu-tion (DFI). TIB was re-launched as a develop-ment bank in 2010. It provides credit facilities to businesses in the form of long, medium and

short-term working capital and other forms of investment funds across different sectors of the economy. Other prod-ucts include depository services, trade, lease and agriculture financing.

Shareholders• Government of Tanzania – 99.098%• Consolidated Holding Corporation – 0.676%• National Insurance Corporation of Tanzania Ltd – 0.226%

Board of Directors • Professor William Lyakurwa, Chairperson. Professor

Lyakurwa is the Executive Director of the African Eco-nomic Research Consortium. He holds a PhD in Economics from Cornell Univer-sity in the USA. Prior to joining AERC, he worked for the International Trade Cen-tre in Geneva, Switzerland

• HarunaMasebu, Director. Mr. Masebu isan Urban Economist. He holds an MBA from the University of Reading and an MSc degree from Loughborough University.

• Mr. Mgana I. Msindai, Director. Mr.Msindai is a former MP

• Mr. Adatus V. Magere, Director. Mr.Magere is a former Director in the Office of the President

• Mr.BedasonA.Shallanda,Director.Mr.Shallanda is an Economist and the Act-ing Commissioner for Policy Analysis in the Ministry of Finance and Economic Affairs

• Mr.PeterNoni,ManagingDirector

Senior Management• PeterNoni,ManagingDirector.Mr.NoniisanEconomist

who previously served as the Director of Economic Policy at the Bank of Tanzania

• ThomasM.F.Samkyi,HeadofDevelopmentFinancing• BernardP.Mono,HeadofTreasuryand• BahatiJ.Sanga,HeadofInformationandCommunication

Technology• LeonardO.Mlewa,HeadofPortfolioManagement• Stella M. Nghambi, Head of Human Resources and Ad-

ministration• Martha J.J Maeda, Legal Counsel and Secretary to

the Board• IsaacKiputa,ChiefInternalAuditor• Bryson E. Mwanga, Officer in charge of Finance and

Operations

Founded 1970

Chairperson Prof. W. Lyakurwa

Chief Executive Mr. Peter Noni, Managing Director

Auditors Controller and Auditor General (overall) and Ernst and Young (from 2010)


No. of Branches 3

No. of ATMs 5 TIB ATMs; Member of Umoja Switch

Web Address www.tib.co.tz


Selected Financial TrendsTIB’s quarterly net interest income has grown steadily from an average of TZS 1.4 billion between Q1 2006 and Q3 2007, to an average of TZS 3.4 billion from Q3 2008 to Q4 2010. Non-interest income was more volatile in 2006 and 2007, steadied in 2008 and 2009, and has trended upwards from TZS 740 million in Q1 2010 to TZS 1.56 billion by Q3 2010, before retreating slightly to TZS 1.4 billion in Q4 2010. TIB’s quarterly net profit has been influenced by write-offs and provisions for bad debts. In 2006 these totaled TZS 2.0 bil-lion. There was a net write back in 2007. The profit dips in Q4 2008, Q2 2009 and Q2 2010 were all due to bad debt pro-visions of over TZS 1.0 billion each. In Q4 2010, the profit

reduction was due to a TZS 1.6 billion surge in non-interest expenses.

TIB’s deposits increased by 222% from TZS 35 billion to TZS 113 billion between Q1 2006 and Q4 2010. The bank’s lending expanded by 329% from TZS 25 billion to TZS 106 billion during the same period. The ratio of non-performing loans is trended upwards from less than 5% in Q1 2006 to 15.3% in Q4 2010 and peaked at 34% in Q3 2009.

The structure of TIB’s shareholder funds has been dominated by paid-up share capital, which, with the excep-tion of Q1 2007, has accounted for 60-80% of total capital. The bank increased its share capital by almost TZS 85 billion – from TZS 7.642 billion to TZS 92.1


Azania Bancorp


Asset Ranking


20

TZS3.46bn

TPB became operational as a separate entity from the Tanzania Posts and Telecommunications Corporation (TP&TC) from March 1, 1992. It is licensed by the Bank of Tanzania as a non-bank financial institution

TanzaniaPostal Bank

Tanzania Postal Bank (TPB) was established by the Tan-zania Postal Bank Act No. 11 (1991) as amended by Act No. 12 of 1992. It was established

as a successor to the Tanganyika Post Of-fice Savings Bank (TPOSB), which was es-tablished by the Post Office Savings Bank Ordinance of 1925 and became operational in 1927. TPB became operational as a sepa-rate entity from the Tanzania Posts and Telecommunications Corporation (TP&TC) from March 1, 1992. It is licensed by the Bank of Tanzania as a non-bank financial institution.

ShareholdersThe Government of the United Republic of Tanzania and the Revolutionary Govern-ment of Zanzibar own 56.3% of TPB. The Tanzania Postal Corporation owns 33% and postal workers through their SACCOS (Tanzania Posts and Telecommunications Corporation - TPTC SACCOS) have a 10.5% stake in the bank.

Board of Directors• Professor Leticia Rutashobya, Chair-

person. Professor Rutashobya is an in-structor at the University of Dar es Sa-laam Business School, specializing in Marketing

• Ms. B.E. Mallogo, Vice Chairperson• Mr. S.M Hussein• Ms. J. Lema• Mr. H.H Mchangila• Mr Mugisha G. Kamugisha

Senior Management• Alphonce Kihwele, Managing Director• Mauro S. Mhule, Head of Finance• James Mpayo, Director of Audit• Joseph Salala, Head of Compliance• Mbaga Mwakyandile, Head of Banking

Operations• Alexander Malendecha, Head of Credit

Selected Financial TrendsTPB’s quarterly net interest income has grown steadily from an average of TZS 1.7 billion in 2006 to TZS 2.8 billion in 2010. Non-interest income, for the most part, fol-lowed a similar trend by increasing moder-ately from a quarterly average of TZS 1.3 bil-lion in 2006 to TZS 1.9 billion in 2010. The bank’s net profits were modest in 2006, av-

Founded March 1992

Chairperson Prof. Leticia Rutashobya

Chief Executive Mr. Alphonce Kihwele, Managing Director



No. of Branches 27

No. of ATMs 0

Web Address www.postalbank.co.tz


eraging TZS 360 million. In 2007, the quarterly average was TZS 547 million until a large bad debt write-off of TZS 2.2 billion resulted in a loss of TZS 1.2 billion. In 2009 and 2010, profits average TZS 231 million per quarter. Trends suggest that the fourth quarter of every year seems to be particularly challenging for TPB’s profitability.

TPB’s deposits have expanded by 89% from TZS 57 billion to TZS 108 billion between Q1 2006 and Q4 2010. Lending grew by 281% to reach TZS 65 billion from TZS 17 billion during the same period. Despite the growth of lend-

ing, TPB reduced the ratio of non-performing loans from an average of 12% in 2006 to under 3% in 2010.

TPB’s retained earnings make up most of the share-holders funds. Paid up share capital increased from TZS 1.041 billion to TZS 3.463 billion by converting TZS 690 million of retained earnings in Q4 2006 and injecting TZS 1.0 billion and TZS 500 million in fresh capital in Q3 2009 and Q4 2010, respectively. As a result, paid up capi-tal increased its contribution from less than 20% to 40% of shareholders funds.


Azania Bancorp


Asset Ranking


TWB focuses on providing banking services to those economically disadvantaged women who are excluded from mainstream banking services

TZS4.80bn

33Tanzania

Women Bank

The Tanzania Women Bank Limited (TWB) was inau-gurated in July 2009 to sup-port the business activities undertaken by women. TWB

focuses on providing banking services to those economically disadvantaged women who are excluded from mainstream banking services.

ShareholdersThe Government of Tanzania is the main shareholder of the bank. Other shareholders are the Women Development Fund (WDF), Tanzania Women Leaders in Agriculture and Environment (TAWLAE), Kawe Wom-en Development Economic Trust Fund and 78 individuals. The amount owned by the different shareholders was not immediately available.

Board of Directors• Daniel Ole Sumayan, Chairperson. Mr.

Ole Sumayan is the Director of Corporate Services at Gaming Board of Tanzania, a gaming regulatory body

• Dr. Maria S.H. Mashingo• Khadija Simba• Joaquine Demello• Husna Maghembe

Senior Management• Margareth M. Chacha, Managing

Director• Damus C. Lubuva, Chief Internal Auditor.• Mussa O. Mhando, Head of Credit & Busi-

ness Development• Ritha L. Ndyamukama, Head of IT

• Filbert N. Ngungo, Finance & Adminis-tration Manager

• Lilian R. Musingi, Corporate Legal Secretary

Selected Financial TrendsGiven its recent entry into operations, TWB’s net interest and non-interest income were modest, but they have begun an up-ward trajectory in 2010. The bank has been making losses although this is reducing as revenues grow.

TWB’s deposits have increased from TZS 1.0 billion to TZS 13 billion in six quar-ters. Loans have also grown from TZS 8 million to TZS 7.9 billion during the same

Founded Incorporated February 13, 2007

Chairperson Mr. Daniel Ole Sumayan

Chief Executive Mrs. Margareth M. Chacha, Managing Director


No. of Employees 45

No. of Branches 1

No. of ATMs Member of the Umoja network

Web Address www.womensbank.co.tz


period. With the growth in lending, the rate of non-perform-ing loans has increased to 4%.

TWB’s shareholders funds are dominated by paid up

share capital, which is absorbing the early startup losses. In Q3 2010, an additional TZS 2.0 billion was added to bring the total paid up share capital to TZS 4.8 billion.


Azania Bancorp


Asset Ranking


PBZ is one of the oldest banks in Tanzania and the only one headquartered in Zanzibar

18

TZS11.00bn

The People’s Bank of Zanzibar

The People’s Bank of Zanzi-bar Limited (PBZ) was es-tablished in 1966 under Cap. 153 of the Zanzibar Compa-nies Decree. It is one of the

oldest banks in Tanzania and the only one headquartered in Zanzibar. PBZ provides retail and corporate banking services, offer-ing various savings and depository account services and credit facilities and Islamic banking products and services.

ShareholdersPBZ is wholly owned by the Revolutionary Government of Zanzibar.

Board of Directors• Abdulrahman M. Jumbe, Chairperson• Ali Abdalla Suleiman, Director• Juma Amour Mohamed, Director• Abdi Khamis Faki, Director• Abdulwakil Haji Hafidh, Director

Senior Management• Juma A. Amour, Managing Director• Juma A. Hafidh, Director of Finance and

Administration• Mohamed B. Chwaya, Internal audit

manager. Mr. Chwaya is a Certified Pub-lic Accountant (CPA-T)

Selected Financial Trends PBZ’s quarterly net interest income has re-mained over TZS 1 billion between Q4 2008 and Q4 2010. Non-interest income fell be-tween Q1 2009 and Q2 2010, but increased by 265% between Q1 2010 and Q3 2010 due in part to foreign exchange trading profits and other income. In Q4 2010, non-interest income fell by 64% due to a 79% drop in for-eign exchange earnings. Quarterly profits have closely tracked non-interest income in 2010, by doubling between Q1 and Q3 2010 before also tumbling in Q4 2010.

PBZ’s deposit base expanded by 43% from TZS 82 billion in the nine quarters from Q4 2008 to TZS 118 billion in Q4 2010. Lending grew by 34% from TZS 25 billion to TZS 33 billion during the same period,

Founded 1966

Chairperson Mr. Abdulrahman M. Jumbe

Chief Executive Mr. Juma M. Amour, Managing Director



No. of Branches 4

No. of ATMs 5

Web Address www.pbzltd.com

People’s Bank of Zanzibar did not publish quarterly accounts until Q4 2008 with the permission of the Bank of Tanzania


while the rate of non-performing loans has been maintained at below 3.5%.

PBZ’s capital structure has consisted of significant re-

tained and quarterly profits. In Q3 2010 the bank’s share capital was increased from TZS 5.0 billion to TZS 11.0 billion through a conversion of retained earnings into paid up share capital.


Azania Bancorp


Asset Ranking


In 1998, the National Bureau De Change was transformed into a non-bank financial institution, empowered to handle all banking transactions with the exception of taking deposits on current accounts. In January 2005, it changed its name to Twiga Bancorp Limited

TZS4.50bn

27Twiga

Bancorp

Formerly known as National Bureau de Change Limited, Twiga Bancorp Limited was established in 1992 as a whol-ly-owned subsidiary of the

former National Bank of Commerce. In 1998, the National Bureau De Change was transformed into a non-bank financial in-stitution, empowered to handle all banking transactions with the exception of taking deposits on current accounts. In January 2005, it changed its name to Twiga Ban-corp Limited and it now operates branches in Dar es Salaam, Arusha and Mwanza and sub-branches at the Julius Kambarage Ny-erere International Airport. Twiga Bancorp is a member of Umoja Switch ATM and an agent for Moneygram International.

Shareholder• Government of Tanzania – 100%

Board of Directors • Prof. Amon V.Y. Mbelle, Chairperson.

Professor Mbelle is an Associate Profes-sor of Economics at the University of Dar es Salaam

• Hon.Dr.AbdallahO.Kigoda.Dr.Kigodais a former Cabinet Minister

• Siraju Juma Kaboyonga. Mr. Kaboyongais an economist and a former Member of Parliament

• Hon.DevotaM.Likokola.Hon. Likokolais a Member of Parliament

• Hulda S. Kibacha. Mrs. Kibacha is aformer Member of Parliament

• MiriamA.Nkumbi• GodfreyM.KMsella

Senior Management• HusseinH.Mbululo,ChiefExecutiveOfficer• L.G.Kairo,HeadofLegalServices• Gadi H. Mbwilo, Head of Investment

Banking• H.Kiule,OperationRisksManager.• Raphael L.M. Mselle, Head of Finance

and Administration• PosterH.Mahaba,HeadofInternalAudit

Selected Financial TrendsTwiga Bankcorp’s legacy as a bureau de change is reflected in a revenue profile in which non-interest income is consistently larger than net interest income. In 2006, the average quarterly non-interest income was TZS 692 million, compared to TZS 428 mil-lion in net interest income. By 2009, average

Founded 1992 as National Bureau de Change Limited and 2005 as Twiga Bancorp Limited

Chairperson Prof. Ammon V.Y. Mbelle

Chief Executive Mr. Hussein H. Mbululo, CEO



No. of Branches 4

No. of ATMs Member of the Umoja switch of 58 ATMs

Web Address www.twigabancorp.com


quarterly non-interest income had increased to TZS 987 mil-lion, compared to TZS 471 million in quarterly net interest income. The trend continued in 2010, when average quarterly non-interest income was TZS 1.2 billion compared to TZS 740 billion in net interest income. Profitability was volatile due to changes in expenses and provisions for bad loans.

Twiga Bancorp’s deposits have grown by 106% from TZS 23 billion to TZS 48 billion between Q1 2006 and Q4 2010. Lending expanded by 285% from TZS 8.0 billion to TZS 31 billion during the same period. The rate of non-performing loans peaked at 29% in Q4 2006, trended downwards to the

end of 2009, before increasing to 14% by Q4 2010.Trends in the structure of Twiga Bancorp’s sharehold-

ers’ funds suggest some active management of the bank’s capital. In 2006 and 2007, paid-up share capital and share premium made up between 60% and 80% of shareholder funds. From Q1 2009, there was significant activity con-verting retained earnings into other capital accounts and in Q3 2009, an additional TZS 1.0 billion was added to paid-up share capital. Similar conversions took place in the first three quarters of 2010, adding an additional TZS 1 billion to paid-up share capital in Q4 2010.


Azania Bancorp


Asset Ranking


The bank provides affordable and convenient banking services to small and medium-size enterprises in Kilimanjaro region and surrounding locations. It focuses on supporting savings and credit cooperative societies

TZS1.34bn

34Uchumi

Commercial Bank

Uchumi Commercial Bank (UCB) operates from Moshi, Kilimanjaro region. UCB was authorized by the Bank of Tanzania to operate as a

regional unit bank in September 2005. The bank provides affordable and convenient banking services to small and medium-size enterprises in Kilimanjaro region and sur-rounding locations. It focuses on support-ing savings and credit cooperative societies (SACCOS) serving communities in the area. Leading sectors in the loan portfolio include retail trade and agriculture.

ShareholdersUCB’s main shareholder is the registered Trustee of Evangelical Lutheran Church of Tanzania (ELCT) Northern Diocese, which represents 152 parishes and various stand-alone projects and institutions.

Board of Directors• Dr.SadikielN.Kimaro,Chairperson.Dr.

Kimaro holds a PhD in Economics. He is a former Economist at the International Monetary Fund and a former Economic Advisor to the President of Tanzania

• Rt. Rev. Dr. Erasto N. Kweka. BishopKweka is the retired bishop of the Evan-gelical Lutheran Church of Tanzania (ELCT) – Northern District. He holds a Doctorate in Divinity and is a farmer

• GilliardL.Nkini• ElizabethP.Minde• ClementZ.Kwayu• MunguatoshaJ.Makyao

Senior Management• AngelaG.Moshi,ActingGeneralManag-

er and Head of Credit• Charles A. Kihiyo, Head of Finance and

Administration • Wilfred S. Mwanri, Head of Banking

Operations• DawsonA.Temu,HeadofInternalAudit

Selected Financial TrendsUCB’s quarterly net interest income has grown steadily from TZS 2 million in Q1 2006 to TZS 291 million by Q4 2010. The bank’s quarterly non-interest income has also grown from an average of TZS 6.0 mil-lion in 2006 to TZS 46 million in 2010. Fol-lowing a loss-making 2006, UCB has gener-ated quarterly profits since 2007.

Founded September 2005

Chairperson Dr. Sadikiel N. Kimaro

Chief Executive Mrs. Angela G. Moshi, Acting General Manager and Head of Credit


No. of Employees 23

No. of Branches 1

No. of ATMs Member of the Umoja switch of 58 ATMs

Web Address www.uchumibank.co.tz


UCB’s deposits have grown ten-fold from TZS 869 mil-lion in Q1 2006 to TZS 8.8 billion by Q4 2010. Lending has ex-panded from an even lower level of TZS 33 million to reach TZS 5.6 billion during the same period. The rate of non-per-forming loans grew to over 13% in Q1 2009 but has since re-treated to 4% in Q4 2010.

UCB’s capital base is dominated by paid up share capi-tal, which helped to absorb the early losses. Between Q4 2006 and Q4 2010, a total of TZS 960 in new share capital was in-jected, raising it from TZS 378 million to TZS 1.34 billion. In 2009 and for the most part of 2010, shareholder funds grew through positive retained earnings and quarterly profits.


Azania Bancorp


Asset Ranking


29

UBA plans to build a strong public, private partnership to complement the Government’s efforts in infrastructure development

TZS19.27bn

United BankFor AfricaTanzania

UBA Tanzania was incorpo-rated in Tanzania on De-cember 1, 2008 and is regu-lated as a commercial bank by the Bank of Tanzania.

UBA Tanzania targets corporate and retail customers with a wide range of products and services. It plans to build a strong pub-lic, private partnership to complement the Government’s efforts in infrastructure de-velopment. The bank will open additional branches to deepen the penetration of bank-ing services in the country.

ShareholdersUBA Tanzania is majority-owned by UBA Plc of Nigeria. UBA Plc is one of Africa’s larg-est financial institutions offering universal banking to more than 7 million customers across 750 branches in 16 African countries as well as in New York, London and Paris. It was formed in 2005 through the merger of Nigeria’s third largest (the original UBA) and fifth largest (Standard Trust Bank) banks, and a subsequent acquisition of Continental Trust Bank. Institutional investors hold 28% of UBA Plc shares, ordinary investors hold 59%, and staff and directors hold 13%.

Board of Directors• RobertP.Mboma.General(Rtd.)Mboma

is the former Chief of Defense Forces in Tanzania. He also serves as the board Chairperson of the Tanzania Petroleum Development Corporation

• EstherMkwizu• RasheedOlaoluwa• FemiOlaloku

• AngelaNwabuoku• AlexTrotter

Senior Management• Ayobola Abiola, Chief Executive Officer.

Mr. Abiola is an economist. Prior to join-ing UBA Tanzania he was Senior Vice President at First City Monument Bank Plc (Nigeria). He holds an MBA from the University of Leicester, is a Certified Pub-lic Accountant (Nigeria) and an Associate of the Chartered Institute of Taxation of Nigeria (ACTI)

• Imo Etuk, Chief Operating Officer • Alexander Ngusaru, Head of Treasury• Frank Karatta, Chief Credit Officer • Jeremiah Oseh, Chief Internal Auditor • Emmanuel Shayo, Chief Financial Officer

(Acting)

Founded Dec 2008; Operations started in October 2009

Chairperson Gen. (Retired) Robert P. Mboma

Chief Executive Ayobola Abiola, Managing Director


No. of Employees 49

No. of Branches 2

No. of ATMs 2

Web Address www.ubagroup.com


Selected Financial TrendsThe first five quarters of operations have seen UBA Tanza-nia’s net interest income decline from TZS 639 million in Q4 2009 to TZS 336 million by Q4 2010, due to the constant ris-ing of interest expense from the onset and falling interest income during the first three quarters of operations. Non-interest income trended strongly upwards during the first four quarters of operations, rising to TZS 1.25 billion from just TZS 8 million during the same period, before falling into negative territory in Q4 2010. Net profits trends have been

driven by non-interest income. The bank’s deposits have expanded five-fold from

TZS 3.9 billion to TZS 20.6 billion, while lending grew from a standing start of TZS 104 million to TZS 2.8 billion. By Q4 2010, the bank had not recorded any non-perform-ing loans.

In its first five quarters of operations, UBA Tanzania’s capital structure is still dominated by paid-up share capital of TZS 18.0 billion, which in Q2 2010 was boosted by an ad-ditional injection of TZS 1.275 billion.

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